Small banks turn to German fintech for deposit-gathering help
Consumers on the prowl for higher rates on their savings or more places to spread out their cash have a few shortcuts. Now there’s a new competitor to these savings account rate finders: the German fintech Deposit Solutions. Through SaveBetter.com, an online portal that marks Deposit Solutions’ first foray into the U.S., consumers can shop offerings from a variety of banks. They can open one or more savings accounts from the available banks, with certificates of deposit expected to be available by the end of the year, but manage them all through a single SaveBetter account. “For Central Bank of Kansas City, it’s another source of deposits," said Trent Sorbe, founder and president of Central Payments. "It’s another interesting way in which a small community bank, a CDFI in Kansas City, can diversify its deposit acquisition strategy, reach markets outside of Kansas City and be competitive with larger providers.