SKYVIEW 1, Inc., a white-label digital banking platform and affiliate of SkyView Partners, today announced the launch of pioneering banking indices. These indices, which track the average interest rate paid on checking and savings accounts by domestic banks, represent a first-of-its-kind development in the industry. Aimed at increasing transparency within the banking sector, they will help financial advisors and their clients to maximize investment opportunities by benchmarking their existing interest rate yield against comparable offerings.
The SKYVIEW U.S. National Average Checking Interest Index (BNKCHX) tracks the national average interest rate paid on domestic checking accounts. As of Oct 16, 2023, the national average paid on checking accounts is 0.07%. Meanwhile, the SKYVIEW U.S. National Average Saving Interest Index (BNKSAV) provides insight into the average rate paid on domestic savings accounts. As of Oct 16, 2023, the national average paid by FDIC member banks on savings accounts was 0.46%.
“Historically, the banking sector has lagged behind the wealth and asset management industries as it pertains to interest rate transparency and benchmarking,” stated Scott Wetzel, JD, CEO & co-founder of SkyView Partners and SKYVIEW 1. “Depositors should be able to access the interest rate they are receiving on a daily basis and benchmark their current rate relative to national averages.”
The SKYVIEW 1 Indices are sourced, generated and analyzed using a proprietary process. By comparing checking and savings interest rates with trailing and annual performance, SKYVIEW 1 gives advisors and their clients insight into cash management yield expectations, further supporting informed financial decision-making.
“Streamlined access to the current interest rate offerings is just the beginning. Transforming banking through transparency involves analyzing data and interest performance across various trailing periods,” added Aaron Dillon, co-founder of SKYVIEW 1. “We operate under the belief that depositors and investors should be able to grow their assets with the most up-to-date information available. That starts with reporting bank interest performance in the same way that mutual fund and ETF performance is reported.”
With the addition of these indices, the SKYVIEW 1 consumer banking application better enables advisors to manage more of their clients’ assets. This is achieved via a white-labeled digital banking solution that enables clients to consolidate banking and investments under the direction of their trusted financial advisor. Services include:
- high-interest checking accounts offering up to 30x the national average
- savings accounts offering up to 10x the national average*
- up to $175 million in FDIC insurance**
- a dedicated private client concierge available via text, chat, email and phone
- a customized advisor dashboard where advisors can open bank accounts, link external bank accounts, set up recurring bill pay/direct deposit, and initiate electronic payments and wires while increasing per-household monetization
The SKYVIEW 1 Indices are available on Bloomberg, Reuters, and Morningstar. To download the SKYVIEW 1 Index fact sheets, visit https://www.skyview1.com/clients
About SKYVIEW 1
SKYVIEW 1, Inc. is a Los Angeles, California based financial technology company focused on providing consumer banking solutions for high-net-worth households exclusively through their trusted financial advisor. SKYVIEW 1’s initial product enables financial advisors to offer treasury services – savings accounts – in a white-label consumer banking application offering higher interest rates, increased FDIC insurance up to $175 million per account and a premium customer service experience. SKYVIEW 1’s road map includes checking accounts, co-branded revolving credit, loan and insurance marketplace technology, all via their financial advisor.
* The SKYVIEW 1 Savings Account Annual Percentage Yield (APY) is accurate as of August 21, 2023. This rate is variable and may change. Fees may reduce earnings.
** Up to $175,000,000 per TIN in FDIC insurance for cash deposits from IntraFi® network banks when accountholder opts-in to IntraFi Cash Service℠. Please visit https://www.depositorcontrol.com/login to manage your individual coverage with IntraFi. Banking Services provided by First Internet Bank of Indiana, Member FDIC.
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