Ally Bank, Goldman Sachs GS Bank and Sallie Mae Bank are all paying much higher rates for deposits which can put brick and mortar competitors in a tough spot; banks typically lag a bit when it comes to rates so their current loans can reprice and profits are not hit; though they could lose deposits if they wait to long to raise rates as customers will move to the better rate; Fitch Ratings released a report Wednesday showing online bank rates were 1.18 percent versus brick and mortar rates of 0.075 percent. Source.
Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.