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It Pays To Save! Bank Cash Incentives Shoot Up In 2012

Susan Wolfe believes banks are seeking to attract more affluent customers by offering cash incentives for high saving deposits. Those same customers might be searching for a safer alternative to the stock market, needing immediate liquidity, or looking for some of the additional customer benefits gained by expanding the relationship with the bank. This makes the savings account a desirable product.

"To compete with the higher interest rates offered by online banks, traditional banks need to market savings accounts as a way to expand the relationship, and they need to focus on the additional value-added benefits and services the bank can provide. Conversely, online banks should continue to focus on the higher interest rates they can provide, since they have a distinct advantage here," Susan Wolfe concludes.

About Mintel

Mintel is a leading global supplier of consumer, product and media intelligence. For 40 years, Mintel has provided insight into key worldwide trends, offering exclusive data and analysis that directly impacts client success. With offices in Chicago, New York, London, Sydney, Shanghai, Tokyo, and now Mumbai, Kuala Lumpur and Singapore, Mintel has forged a unique reputation as a world-renowned business brand. For more information on Mintel, please visit  www.mintel.com.

SOURCE Mintel

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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