Deposit-Cost & Beta Sentinel · Brief 01
Cost-of-Funds Command Centre
Every cohort's FD rate on one ladder · scored daily vs the ~4.5% target
The one line you configure
Where does every cohort's cost of funds sit against the target today, and which one is quietly paying up for a book that isn't growing?
In a nutshell
The book's blended rate is holding near ~4.5%, but one cohort is paying up: the Affluent-uninsured cohort has repriced its WA FD Rate from 4.49% to 6.35% (1.41×) with interest paid up ~36%, yet its FD book stayed flat (0.96×). That's the deposit-beta trap — more paid for balances that didn't grow, and Net CASA Flow still negative. Margin softens most in the Northeast, where NIM is thinnest at 1.79%.
At a glance
Cost-of-funds ladder — WA FD Rate by cohort
What moved
Deposit beta by product — rate paid climbs where balance is leaving
The rate-sensitive books (online savings, HNW money-market) are where balance thins as rate paid climbs — classic deposit beta. Consumer checking is sticky at almost no rate.
Why NIM slipped from ~2.15% to 1.82% on the cohort
Almost the entire compression is deposit-side: FD repricing plus the savings-rate hike, with a small mix shift into interest-bearing balances. Asset yields barely move it.
Where it bites hardest — Northeast NIM below its expected range
The Northeast pairs the highest FD rate paid (~4.71%) with the lowest NIM (1.79%) — the clearest regional read on where paying-up is compressing margin.
So what
The blended book rate looks controlled, but the Affluent-uninsured cohort is paying up for balances it already had — WA FD Rate at 6.35% with interest paid +36% and the book flat. Left alone, that repricing earns straight into margin: NIM is already at 1.99% and thinnest (1.79%) in the Northeast. This is the cohort to act on before the next rate sheet, and to defend by relationship rather than blanket rate.
The points that matter
It's one cohort paying up, not the book
The blended book holds near 4.5%; only Affluent-uninsured is the outlier at 6.35% — targeted, not franchise-wide.
6.35%vs 4.49% bookPaid more, didn't grow
Interest paid rose ~36% while the FD book stayed flat (0.96×) — the tell that rules out growth.
flatbook · 0.96×The clock is NII
Book NIM is already 1.99%, thinnest (1.79%) in the Northeast; every blanket bp on a book that isn't leaving earns straight into that.
1.99%book NIMQuestions it already answers
Is the interest bill up because we grew the book, or because we repriced it?
Repriced — WA FD Rate rose 4.49% → 6.35% with the book flat (0.96×). Deposit beta, not growth.
Which cohort × region is compressing margin the most?
Affluent-uninsured, and the Northeast — highest FD rate paid (~4.71%) with the lowest NIM (1.79%).
If we hold rate only on the tier actually leaving, does NIM recover?
Yes — a targeted defence on the at-risk Affluent money-market tier holds the flight-prone balances without the blanket NII giveaway.