You are to assume the role of the marketing manager at Local Bank, a bank located in a city of 40,000 people. The bank president wants you to create an informational flyer about money markets and the bank’s current promotion.
Most customers of Local Bank keep their funds in either a savings account or a checking account or both. Less than 15% of customers have funds in a money market account. The bank president (judge) thinks this is because bank customers do not understand money markets and certificates of deposit (CD).
Local Bank is now offering customers with over $10,000 in savings the opportunity to put funds into a certificate of deposit (CD) and earn 5% interest annually with no fees. The minimum amount a customer needs to invest in the CD is $1,000, and the money must remain in the CD for at least one year.
The bank president wants Local Bank customers to better understand CDs and not feel reluctant to take money out of savings to put into a CD. The bank president wants you to create an informational flyer that will be mailed to all customers, placed at each bank teller station and featured on Local Bank’S social media platforms. The informational flyer must include:
- Easy to understand explanation of money markets and CDs
- The bank’s current promotion
- The need to save and invest
- Why delaying investment is a lost opportunity
