time deposit

"There was a certain amount of rotation into time deposits, but a large share of the decrease was caused by shifts in customer funds at Credit Suisse in October 2022," the report said.

Some have also offered time deposits to wealthy clients using private banking services or to corporate clients.

The lenders cut rates on two-year time deposits by 10 bps points, and three-year and five-year time deposits by 15 bps points.

Moynihan said that for the first time in a long time deposits had come down a little bit for the industry.

Deposits grew 19.9%, aided by higher time deposits and current and savings account deposits.