SkyView Partners Launches Industry's First Banking Indices

WAYZATA, MINNESOTA, USA, June 18, 2024 -- SkyView Partners announced the launch of two pioneering banking indices today. The SkyView Indices track domestic banks' average interest rate paid on checking and savings accounts, an industry first. Aiming to increase transparency within the banking sector, the indices will help financial advisors and their clients maximize interest income by benchmarking their interest rate yield to the SkyView savings and checking indices.

The SKYVIEW U.S. National Average Checking Interest Index (BNKCHX) tracks the national average interest rate paid on domestic checking accounts. As of June 1, 2024, 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 June 1, 2024, the national average paid by FDIC member banks on savings accounts was 0.46%.

Scott Wetzel, JD, CEO & co-founder of SkyView Partners and SKYVIEW 1, pronounced, “Historically, the banking sector has lagged behind the wealth and asset management industries as it pertains to interest rate transparency and benchmarking. Depositors should be able to benchmark their current interest rate relative to national averages.”

The SkyView Indices are sourced, generated and analyzed using a proprietary process. By comparing checking and savings interest rates with trailing and annual performance, the indices provide advisors and their clients insight into cash yield expectations, further supporting informed financial decision-making.

“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 any asset manager’s performance is reported,” added Wetzel.

The SkyView Checking (BNKCHX) and Savings (BNKSAV) Indices are available on Bloomberg, Reuters, and Morningstar.

About SkyView Partners

SkyView is a Wayzata, Minnesota and Los Angeles, California-based investment bank and specialty lender dedicated exclusively to supporting the M&A endeavors of independent and registered investment advisors. SkyView offers listing services via the Advisory Practice Board of Exchange (www.APBOE.com), M&A consulting from a wealth management industry dedicated investment banking team, and access to bank financing through a national network of progressive, well-capitalized lenders (www.skyview.com). SkyView's Synchronized M&A Solutions^® provides financial advisors with a cohesive and efficient experience to implement and execute their M&A initiatives. More recently, SkyView launched SKYVIEW 1 (www.skyview1.com), a consumer banking application available exclusively through financial advisors.