Maintain—and expand—your deposit account base by focusing on relationship building.
When it comes to deposits, money has been “free” for a long time. People were content to leave deposits in their accounts because the returns weren’t worth the effort of moving to a new financial institution. But now that rates are rising, people are more likely to consider moving their money so they don’t miss out on the opportunity. To keep those existing deposits, and attract new accounts, banks and credit unions need to change their strategies.
What’s in this guide?
- Why higher rates are a good thing for financial institutions
- How to stand out as competition for depositors increases
- How to add value for depositors beyond better rates