Data Driven Marketing

4 Tips for Credit Unions to Market High Interest Deposit Products

4 Tips for Credit Unions to Market High Interest Deposit Products

October 30, 2023 | Nancy Mills

As consumer savings declines and high interest investment options are more accessible, keeping and capturing new deposits continues to be a top priority for credit unions. 

Here is what has happened in the economy recently: Consumer spending has exceeded real disposable income since 2021.¹ The savings rate in August 2023 was at 3.9% - far below the savings rate during the pandemic.² And, recent bank failures have resulted in many consumers shifting deposits to other investment vehicles, especially those with higher interest rates.³ In fact, banks lost over $871 billion in deposits from June 2022 to June 2023 - that’s an almost 5% drop in deposits.⁴ 

Credit unions, like other financial institutions, need sufficient deposits to maintain liquidity. This is a primary reason why the competition for deposits is fierce. Even while savings is down, consumers know that there are a multitude of high interest options available for them to park their deposits. They know they need to do their homework to determine what is the right deposit product that best meets their financial needs. That is why many consumers are spending more time figuring out which financial institution offers the best rate.

How can credit unions capitalize on the demand for these high interest deposit products? 

CDs (share certificates) and money market accounts are a popular choice for investors right now given their high rates. And, credit unions are offering some of the most competitive rates for these products. The key for credit unions is to focus their deposit promotions toward both current and prospective members who have considerable funds that can be transferred to the credit union for it to manage. Basically, market to members who can help a credit union significantly raise its deposit levels.

Here are a few tips that credit unions can consider to better reach the right audiences with the right deposit offers.

Start with your own members

A good place to start looking for more deposits is among your own member base. You already know the value of their deposit accounts, including CDs/share certificates, money markets, and other balances at your organization. You also know you need to prioritize and protect members that already hold high deposit balances with you. But do you know the type of assets your members hold at other firms? Do they hold significant CD or money market balances at other financial institutions? 

It is critical for credit unions to identify members that likely hold significant deposit balances at other firms and then deliver the best offers to this group. That way the members will have an incentive to transfer assets to you. For example, market to members who likely have:

  • over $75,000 in estimated total deposits held at other firms

  • or over $25,000 in estimated CDs at other institutions.

One credit union struggling with liquidity recently inquired about how they could quickly grow deposits. The credit union decided to use our asset estimates to differentiate members likely to hold high assets at other firms. It delivered deposit offers to just those members. This brought in millions in new deposits to grow total assets held at the credit union by almost 10% from just one campaign.

An analysis for another credit union revealed that there was over $14 billion in deposits being held by current members at other financial firms. By targeting these members, the credit union can expect to bring in $70 million in incremental deposits.⁵

Attract high-value new members 

As we mentioned earlier, consumers are on the prowl for the best opportunity to build their savings through high interest deposit products. Credit unions seeking to grow deposits need to reach these audiences. To help, credit unions could develop targeted prospect lists to reach consumers that likely have high assets, CDs, money markets, income, or affluence within their service area or beyond. Then, offers can be targeted to just these audiences.

When it comes to acquisition campaigns, email can be a great choice for timely and cost-efficient offer delivery. One credit union that segmented a prospect list by deposit potential used email to drive interest, achieving very positive results. The credit union was able to bring in millions in new deposits, increase the average starting balance for CD accounts by 1700% over the prior year, and increase the starting balance for money market accounts by over 250%.

Focus in on younger audiences

Some credit unions want to focus their prospecting on younger audiences. Marketing to young affluent consumers can be a smart strategy given that they hold 11.7 higher deposits than young, non-affluent consumers.⁶   

While younger consumers may start with a small dollar CD, money market, or other deposit account, they also have the potential to grow into high value members in the future. Bringing in a large number of younger consumers that open a small dollar CD or money market account may be just as valuable to a credit union in the long run as capturing a few new members that open large dollar accounts. Plus, younger consumers may be more likely to have lending needs down the road. This provides increased opportunity for credit unions to expand the relationship. Segmenting and targeting young consumers by their financial potential can help credit unions better reach this audience and expand their younger membership.

Reach the right online audiences for your digital deposit gathering campaigns

You have your CD and money market promotions ready for the next quarter, and you want to test out promoting them to new audiences via digital channels such as display, mobile, and social. But how can you best reach the right online audiences for your offers so you can sign up new members and drive increased deposits? 

You need to reach online audiences that are likely to be interested in your offer and that have the asset potential to take advantage of them. There are a variety of predefined digital targeting segments that can help you do just that. Ask your digital agency about reaching the below audiences or contact us if you need help getting started. 

Here are a few online audiences to consider targeting for your digital deposit gathering campaigns:

  • CD Investors: 9.7% of households that are likely to actively invest in CDs

  • Money Market Investors: 28.1% of households that are likely Money Market Investors

  • High Deposit Investors: 10.7% of households whose estimated total deposits are likely to be $50,000 - $100,000

  • High Asset Investors: 11.3% of households whose estimated investable assets are likely to be $100,000 - $250,000

  • Millennial Investors: 8.2% of millennial households with estimated investable assets between $100K and $1 million⁷

Consumers are seeking out the best opportunities to help them reach their savings goals. With the right segmentation tools, your credit union can better reach members that have the most potential to bring in incremental deposits. Plus, you can attract new members to help you reach your deposit gathering objectives.

Learn additional tips to boost your deposit gathering efforts in the Quick Guide for Credit Unions to Grow and Protect Deposits. Plus explore our Digital Targeting Segments that can help you reach the right online audiences for your digital promotions. Contact us or your account representative for more details.


1 Bureau of Economic Analysis, July 2023, as reported by Keybridge Research LLC, 2023.

2 Bureau of Economic Analysis as reported by CNBC, Oct. 3, 2023.

3 Reuters, September 5, 2023.

4 “US banks report $872B YOY drop in deposits,” S&P Global Market Intelligence, Sept. 25, 2023.

5 Best Practice for Credit Union Marketers, Equifax analytics.

6 The Young Affluent: 6 Ways for Financial Services Firms to Capture their Potential, Equifax analytics.

7 Equifax Digital Targeting Segments.

Nancy Mills

Nancy Mills

VP, Credit Union Vertical

Nancy has over twenty years of experience working with financial institutions in technology, data and analytics. Nancy joined Equifax in May of 2012 and currently is responsible for the Credit Union Vertical which provides credit unions with the data, analytics and technology necessary to help members live their financ[...]