Website AdvisorHub posted an article entitled, "UBS Woos Cash with Sky-high 3% One-Year CD," which tells us, "UBS Wealth Management USA has stuck its tongue out at bank and other competitors with a 3% teaser rate on a one-year certificate of deposit, but some of its brokers are upset at the way it marketed the promotion. The Swiss-owned broker-dealer's rate on its proprietary CD tops all competitors, according to Bankrate Monitor, and is almost 50 basis points higher than the 7-day yield on top-returning money-market funds and 60 basis points above the 2.42% rate on a 3-year U.S. Treasury note as of Tuesday morning. UBS is offering the deal only to customers who have more than $10,000 in their household accounts, and the CDs must be funded with new money. Several brokers said the five-week promotional rate, which ends next week and requires a minimum investment of $10,000, is an attempt to increase net new assets, particularly in the first quarter when wealthy people often draw down their accounts to pay tax bills." The piece quotes Crane Data's Peter Crane, "Cash is becoming a battlefield among brokerages, because they've gone as low as they can with commissions and index funds.... Brokerages are looking at Goldman and all those fintech firms attacking their space, and saying, 'We've got to start losing money, too.'" It explains, "`He speculated that UBS's teaser rate may be responding to the high money-market rates that Goldman Sachs has been offering with its new Marcus consumer-banking push.... To be sure, broker-dealers have been generating wide profit spreads with revved-up programs that automatically sweep client cash into low-interest bank accounts. using the money to fund mortgages and other loans to their wealthy customers."

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