A financial institution utilizing CD Valet’s white-label digital account opening platform successfully opened a significant portion of CDs in a recent campaign from outside its traditional market. CD Valet enables institutions to overcome geographic constraints and expand deposit acquisition efforts.
Key Takeaways
Leveraging CD Valet’s national reach, this bank sourced 97% of its new deposits in this campaign from outside its local market. These deposits averaged $90,000 per CD, indicating that the institution’s competitive rates attracted more serious savers. Additionally, the marketing cost to achieve this growth was just 22 basis points, highlighting the platform’s cost-effectiveness in reaching a national audience. Together, the results demonstrate that with the right visibility, institutions can overcome geographic limitations to attract higher-value customers.
Higher-than-Average Deposit Size
The high average deposit size of $90,000 further underscores the platform’s effectiveness in drawing substantial deposits. CD Valet’s reach, coupled with the institution’s attractive rates, allowed the bank to capture deposits from larger savers seeking safe, high-yield investments.
Efficient Marketing
Notably, the institution achieved this growth with remarkable marketing efficiency. At a cost of just 22 basis points, it significantly increased deposits without overspending on marketing. This low acquisition cost demonstrates that CD Valet’s platform is highly efficient, helping institutions expand their reach without straining marketing budgets.
Why Partner with CD Valet
CD Valet connects serious savers with institutions offering competitive rates. These savers often prioritize returns over proximity, providing financial institutions an opportunity to attract deposits on a national scale. For many institutions, especially smaller ones, traditional marketing methods may not be practical or cost-effective for expanding beyond local markets, which is where CD Valet excels.
If your institution is interested in enhancing its deposit strategy, contact Jamie Fairbanks at jfairbanks@cdvalet.com to learn how CD Valet can help you achieve similar results.