Sentences with phrase «deposits at traditional banks»
Another thing to consider: The deposits at traditional banks contain a much larger percentage of checking accounts, rather than savings accounts, Fitch analysts say.
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No loan options are available at this bank, but in addition to traditional deposit accounts, you can open a money market account and purchase CDs.
«Because most brick - and - mortar banks will only waive their monthly checking account fees for customers who use direct deposit, it's harder for lower - income account holders to obtain truly free checking services at traditional institutions,» says Chris Moon, ValuePenguin's banking analyst.
So, banks and other traditional types of depository institutions were at a severe disadvantage in attracting deposits compared with less - regulated competitors, such as money market mutual funds.
For example, if the same banking customer has a certificate of deposit held within a traditional IRA with a value of $ 200,000 and a Roth IRA held in a savings account with a value of $ 100,000 at the same institution, the account holder has $ 50,000 of vulnerable assets without FDIC coverage.
However, if you have a lot of money to deposit and use a wide variety of services, especially business services, you might find lucrative offerings and great service at traditional banks, McBride says.