Wealth managers are winning held-away cash from JPMorgan and Bank of America by using StoneCastle to offer their clients a federally insured savings account with far better value. HNW individuals hold trillions of savings deposits at large banks where their deposits earn close to no interest. StoneCastle’s Enterprise Deposit Tools enable hundreds of RIAs to offer their HNW clients a better deposit solution (100% federal insurance and above average rates). Wealth managers are able to capture more of their clients’ wallet, differentiate their offerings, and accelerated their organic growth.
Banks typically require their borrowers to leave compensating deposit balances. Now, non-bank lenders can require their borrowers to leave a compensating deposit balance and reap the benefits. You can get the added security of the compensating deposit and earn fee income. A win for both the lender and their borrower: savings deposits are 100% federally insured up to $100 million and earn an above average rate of interest.
