Money Market Account Closures Alert
January 2025 - Alert generated on Jan 28, 2025
150% Increase from December
Top 10 Cancellation Reasons
Key Insight
33% of Money Market Account closures cited "Better rate at competitor" as the primary reason, suggesting competitive rate pressure is the main driver of account closures.
Retention Attempts
Opportunity
Only 30% of Money Market Account closure requests received retention attempts from agents. This represents a significant opportunity to improve retention rates.
Retention Offer Success Rates
Best Practice
"Rate match + 0.25%" has the highest success rate at 75%, but was only attempted in 10% of closure cases. Increasing the use of this offer could significantly improve retention.
1Immediate Actions (Next 7 Days)
- Implement mandatory retention attempt protocol for all Money Market Account closure requests
- Train all agents on the most effective retention offers, prioritizing "Rate match + 0.25%" for high-value accounts
- Conduct competitive analysis of Money Market Account rates in the market
2Short-Term Strategy (30 Days)
- Develop a tiered retention offer strategy based on account balance and customer relationship value
- Implement daily monitoring of Money Market Account closure requests and retention success rates
- Review and potentially adjust base Money Market Account rates to be more competitive
3Long-Term Strategy (90 Days)
- Develop a proactive retention program that identifies at-risk Money Market Accounts before closure requests
- Create a specialized retention team for high-value accounts
- Evaluate and potentially redesign the Money Market Account product to better meet customer needs
Expected Outcomes
Retention Rate Improvement
+25%
Within 30 days
Retention Attempt Rate
90%+
Target within 14 days
Revenue Impact
$1.2M
Annualized savings