Will Consumers Spend, Save or Shift Deposits?
Rates will be rising as the vaccine gets distributed. Deposits will move. Learn how to change your deposit rates to keep deposits – see below.
Savings, Checking & Money Market Deposits Have Excess Funds
Lake Forest, IL (December 9, 2020) The excess funds from various government programs to address the economic impact of COVID are at risk.
With vaccines and therapeutic drugs close to American doorsteps, how will consumers and businesses use the $3.4 Trillion in deposits at banks, credit unions and savings banks?
The options are numerous.
Rates are a strong reflection of what will happen.
Savers have been facing extremely low rates – see table. Money fled Certificates of Deposits (CD) along with new stimulus funds both moved to short term at: checking, savings and money market deposits.
The table shows rates for these short-term services mirror the Fed Funds Rate. These weekly rates at banks, credit unions, and savings banks are from Moebs $ervices Rate Analysis from over 8,000 depositories collected as of December 7, 2020. READ FULL ARTICLE
Written By: m.moebs
Date Posted: 12/10/2020
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