bank matrix insights - q2 2015
TRANSCRIPT
AUTHOR: KEITH HORBERT
PUBLISHED: AUGUST 2015
BANK MATRIX INSIGHTS DECKSECOND QUARTER 2015
BA
CK
GR
OU
ND
BACKGROUND
As part of our Monitor Services,
Corporate Insight provides clients with a
quarterly analysis of key features and
products, presented in the form of
matrices.
The two Bank Monitor matrices give our
clients an in-depth view of the online
platforms and offerings of the major U.S.
issuers, analyzing information from over
15 major banks and their main accounts.
The following slides cover some key
findings from the Q2 2015 Bank Product
Matrix. For more information, please
contact Grace Lei, Relationship Manager,
Q2’15 Bank Matrix
2
FIRMS COVERED
Below is a list of the firms we track on a quarterly basis for our Bank Monitor matrix:
Bank Matrix
Ally Bank Citibank Charles Schwab
Bank of America Citizens Bank SunTrust Bank
BB&T Bank Fifth Third Bank TD Bank
Capital One KeyBank U.S. Bank
Capital One 360 PNC Bank Wells Fargo
Chase Santander Bank
FIR
MS
CO
VE
RE
D
3
Q2 PRODUCT HIGHLIGHTS
The majority of banks offer standard checking account options
o Every major bank offers at least one interest-bearing checking account; less than a quarter offer rewards checking accounts
Interest checking accounts require a higher initial deposit than non-interest checking and rewards checking accounts
Capital One, Capital One 360 and Ally Bank offer the highest APY of interest-bearing checking accounts
The majority of primary interest checking accounts charge a monthly maintenance fee
o Only 4 out of 17 accounts in this quarter’s product survey do not charge this fee
Most banks include check/debit card offerings
o Only a third offer rewards programs linked to these cards
All banks offer a standard savings account, though little more than half offer more than one type
The majority of banks offer a basic money market account
o Nearly three quarters offer check writing capabilities
BA
NK
MA
TR
IX
4
AVAILABLE TYPES OF CHECKING ACCOUNTS*
76%
Standard Checking
Interest Checking Rewards Checking
100%0% 24%
4 banks offer only 1 type
10 banks offer 2 types
3 banks offer all 3 types
BA
NK
MA
TR
IX
* Percentage of major banks (out of 17)
MINIMUM INITIAL DEPOSIT(PRIMARY CHECKING ACCOUNT OFFERINGS)
$0 $25 $50 $100 $500
Standard Checking(Out of 13)
Interest Checking(Out of 17)
Rewards Checking(Out of 4)
BA
NK
MA
TR
IX
MONTHLY MAINTENANCE FEES FOR PRIMARY INTEREST-BEARING CHECKING ACCOUNTS
Average: $16.76
$0 $10-$20 $21-$30
Ally Bank Citizens Bank Bank of America
Capital One Fifth Third Bank BB&T Bank
Capital One 360 Key Bank Chase
Charles Schwab PNC Bank Citibank
Suntrust Bank Santander Bank
US Bank TD Bank
Wells Fargo Bank
BA
NK
MA
TR
IX
CHECKING ACCOUNT APYS – ONLY 3 ACCOUNTS OFFER APPRECIABLE RETURNS
BA
NK
MA
TR
IX
Bullseye!!!
Capital OneAll balances: 0.20%
Intro period (first 12 months): 0.40%
Capital One 360
$0-$50k: 0.20% $50k-$100k: 0.75%
$100k+: 0.90%
Ally Bank$0-$15k: 0.10%$15k+: 0.60%
All others: <0.10%
All others: <0.10%
A Deposit Each Statement Period
Non-Interest: 40% of acts. (Out of 10)
Interest:0% (Out of 13)
COMMON WAYS TO HAVE MONTHLY MAINTENANCE FEE WAIVED FOR CHECKING ACCOUNTS
BA
NK
MA
TR
IX
Maintain Average Daily Balance of $X
Non-Interest: 80% (Out of 10)
Interest:100% (Out of 13)
Direct Deposit of $X
Non-Interest: 60% (Out of 10)
Interest:15% (Out of 13)
X Debit Card Purchases
Non-Interest: 10% (Out of 10)
Interest:0% (Out of 13)
SAVINGS ACCOUNT OFFERINGS
100%
Basic Savings Accounts
Yes
53%Yes
More than 1 Account
24%
Higher-Tier Savings Accounts
Yes
More than 1 Account
BA
NK
MA
TR
IX
None
MONEY MARKET OFFERINGS
76%
Basic Money Market Account
Yes
6%Yes
More than 1 Account
24%
Higher-Tier Money Market Account
Yes
6%Yes
More than 1 Account
71%
Check Writing Capabilities
(all acts)
Yes 18%Yes
Check Writing Capabilities
(all acts)
BA
NK
MA
TR
IX
Opt-Up CD / Trade-Up CD
CD OFFERINGS
100%
Have a CD Account
Yes
29%Yes
CD Specials
18%35%
Breakable CD
Yes
29%Yes
Step-Up CD
Yes
BA
NK
MA
TR
IX
CHECK/DEBIT CARD OFFERINGS
71%
Debit Cards Rewards Programs (33%)
Fifth Third Bank • World Debit MasterCard
KeyBank
• KeyBank Rewards Debit MasterCard
• KeyBank Rewards World Debit MasterCard
PNC Bank• PNC Bank Visa Affinity• University Affinity Cards
Santander Bank• Santander Premier Debit
MasterCard• Santander Debit MasterCard
Multiple Debit Card Options Available For Clients
Yes
BA
NK
MA
TR
IX
ABOUT CORPORATE INSIGHT
Connect With Us
Corporate Insight provides competitive intelligence and user experience research to the nation’s
leading financial institutions. For over 20 years, the firm has tracked technological developments in the
financial services industry, identifying best practices in online banking and investing, online insurance,
mobile finance, active trading platforms, social media and other emerging areas. There are no
assumptions in Corporate Insight’s work – we use live accounts at all of the firms we research, providing
our clients with unparalleled, unbiased intelligence on the competition.
KEITH HORBERT
Senior Research Associate – Analytics
(646) 751-6962
MEDIA INQUIRIES
Joshua Grandy, PR Manager
(646) 876-7524
Press Coverage
14