Tuesday Topic: The Return of Yield

Yes, consumers are very active in rate shopping, and rates in our rural area (Arkansas) are very competitive.  People are moving their savings and money market funds into CDs.  Our strongest competitor is Edward Jones, and they are soliciting business in our area through direct mail.  Their rates are available on their website.  We are a client of Neil, and appreciate his help in navigating through these uncharted waters.

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Mary Fowler
Chief Executive Officer
The Peoples Bank
Magnolia, AR
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Original Message:
Sent: 02-06-2023 12:45
From: Rob Blackwell
Subject: Tuesday Topic: The Return of Yield

The only consumers who don't yet know they can earn better rates on their deposits are actively avoiding all media. "Many Banks Pay High Rates on Savings. So Why Aren't You Moving Your Money?" proclaimed a recent New York Times article about opportunities at online banks. Another on cash sweeps, from The Wall Street Journal, reported: "Some Investors Are Missing Out on Higher Yields-and Don't Know it."

The fight for deposits has been increasing in recent months and is only expected to intensify, especially with various personal-finance and money advisers determined to spread the word about higher-yielding opportunities. According to IntraFi's most recent quarterly Bank Executive Business Outlook Survey, 84% bank executives anticipate that deposit competition will increase in 2023. For suggestions on how to retain customers during these challenging times, be sure to tune in to our Feb. 23 webinar with The CorePoint CEO and Peer Intelligence participant Neil Stanley.

How is your bank handling this issue? Are consumers asking about their rates at your institution? I'd love to know if you hear much from your customers.

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Rob Blackwell
Chief Content Officer and Head of External Affairs
IntraFi
Arlington, VA
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