A steady stream of customer deposits is essential for any financial institution. The more funds you have coming in, the more you can lend, invest, and grow. But increasing deposits isn’t just about throwing out high interest rates and hoping customers bite. It’s about creating a seamless, rewarding experience that makes customers want to deposit—and keep their money with you.
Here are seven strategies that work.
1. Offer High-Yield Savings and Perks That Actually Matter
People want their money to work for them. If your savings accounts aren’t offering enough incentive, customers won’t be motivated to stash their funds with you. High-yield savings accounts are a great place to start when it comes to deposit growth strategies for banks, but they need to come with real benefits.
Think beyond just the rate—offer tiered interest so customers earn more the longer they save. Add bonus rewards for new deposits, such as a one-time cash bonus for maintaining a balance for six months. And don’t overlook automatic savings tools that encourage long-term deposits without customers even thinking about it.
The key is making sure customers feel like they’re gaining something valuable by keeping their money with you.
2. Create a Seamless Digital Banking Experience
Customers need convenience, and if your online banking experience isn’t up to par, they’ll hesitate to move money into your institution.
A smooth, feature-rich mobile app can make all the difference. Ensure that customers can deposit checks instantly, schedule recurring transfers with ease, and open new savings accounts in just a few clicks. People want speed and simplicity—if depositing money takes too long, they’ll keep it elsewhere.
3. Give Customers a Reason to Refer Their Friends
Word-of-mouth marketing is powerful, especially when it comes with a financial reward. A referral program that offers both the referrer and the new customer a bonus for depositing funds can quickly boost your numbers.
Instead of a generic “get $50 for a referral” deal, structure it to reward deposits. For example, give a bonus only if the new customer maintains a balance for at least three months. This ensures deposits stick instead of customers just chasing quick cash.
4. Make Certificates of Deposit (CDs) More Attractive
CDs are a great way to lock in customer funds, but many people shy away from them because they don’t want their money tied up for years.
One way around this is by offering flexible CD options, such as:
- No-penalty CDs – Customers can withdraw early without fees if they need to.
- Bump-up CDs – If interest rates rise, they get to increase their rate once during the term.
- Short-term CDs – Six- and 12-month options are much easier for customers to commit to.
By making CDs more appealing, you encourage customers to park their money with you for longer periods.
5. Encourage Payroll Deposits with Incentives
Most people don’t think twice about where their paycheck goes—it’s often set up once and forgotten. But if you can make it worth their while to direct deposit into savings instead of checking, you’ll see more deposits stay put.
Try offering a small cash bonus for setting up direct deposit into savings rather than checking. Or go a step further—reward customers who save a percentage of each paycheck with a higher interest rate. The more effortless you make saving, the more customers will commit to it.
6. Strengthen Business Banking Relationships
Businesses are an often-overlooked deposit source, yet they tend to maintain much larger account balances than individual customers. If you can build stronger relationships with businesses, deposits will naturally increase.
One way to do this? Bundle business accounts with exclusive perks. For example, offer better savings rates when they also hold a business checking account with you. Provide cash flow insights that help them manage funds efficiently while keeping more money in their accounts.
When businesses see real value in banking with you, they’ll keep their deposits where they are.
7. Educate and Build Trust with Customers
People don’t just deposit their money anywhere. They need to feel secure and confident in their banking choices. The more trust you build, the more deposits you’ll attract.
Consider running financial education programs—webinars, blog content, or even one-on-one savings consultations. Help customers see how your institution can help them grow their wealth over time.
Trust doesn’t happen overnight, but when customers feel valued and informed, they’re far more likely to deposit—and keep—more money in their accounts.
Turning These Strategies into Action
Increasing deposits isn’t just about offering flashy promotions. It’s about creating a banking experience that customers genuinely want to engage with. From high-yield accounts and seamless digital banking to smart incentives and trust-building, the goal is to make saving and depositing money a no-brainer.
