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New Lottery-Linked Savings Accounts Are Fun … And Growing

PYMNTS

A New York-based startup is shaking up the stodgy world of banking by offering customers a chance to win prizes as an incentive to save money. Adam Moelis , co-founder and CEO of Yotta Savings , told PYMNTS that the idea of rewarding savers makes sense, given how much people love to play the lottery but struggle to sock money away.

FDIC 232
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The Big Mistake When Pricing Deposits

South State Correspondent

One of the biggest mistakes bank make when pricing deposits is advertising an above-market rate, thereby shortening deposit duration and increasing negative convexity for that one account and the whole product offering. Consider a money market account at a bank. That 1.75% money market account likely has a duration of 0.18.

Training 195
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The Top 20 Deposit-Rich Industries for 2023

South State Correspondent

The graph below compares our data for a customer that uses only a certificate of deposit compared to a customer that falls within a commercial niche such as faith-based accounts. Banks can combine niche marketing with our three rules around getting your deposit promotions right HERE.

Industry 195
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Community Bank Hedging Options

South State Correspondent

Approximately 1,000 banks in the country use some form of hedging products to manage risk, generate fee income, or provide product offerings demanded by their customers. However, about one in five community banks offer some form of loan-by-loan hedging products. Loan-level Vs. Balance Sheet Hedging. Conclusion.

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Community Bank Hedging Options

South State Correspondent

Approximately 1,000 banks in the country use some form of hedging products to manage risk, generate fee income, or provide product offerings demanded by their customers. However, about one in five community banks offer some form of loan-by-loan hedging products. Loan-level Vs. Balance Sheet Hedging. Conclusion.

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Tandem Launches Fundraising For Expansion Plans

PYMNTS

Tandem, which focuses on savings and lending through credit cards, reported total revenues of £5.1 million in 2017, compared to £1.8 Late last month, Tandem launched a new savings account built on top of the bank’s account aggregation app as well as credit cards. s impending departure from the EU.

Security 116
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Even CEO: Why Savings Is The Key To Breaking The Paycheck-to-Paycheck Cycle

PYMNTS

workforce — live paycheck to paycheck, and have no savings to cover unforeseen expenses in the event of an emergency. In addition to giving workers the ability to tap into earned wages as needed, Even app users can allocate as much as 10 percent of their paychecks to savings, across three different savings buckets.