Interest rates are on the rise in the US and banks, eager to lure depositors, are finally beginning to increase the rates they offer depositors.
Sort of.
As detailed in this month’s issue of American Banker, as reported by Wolfstreet, banks aren’t offering higher rates to all of their customers.
Instead, they’re using big data to segment their customers. American Banker explained:
Over the past two quarters, at least two of the nation’s biggest banks – Wells Fargo and Bank of America – have tinkered with the way they set deposit rates, carving up a handful of key states into smaller markets…
