Deposit Accounts

Aside from share savings and checking, there are basically three deposit account products offered by credit unions: Money Market, CD and IRA. Saving and investment needs vary among members. The more balanced the options available are, the more likely the credit union will realize a steady, methodical growth in deposits to support future borrowing needs.

One cannot turn the influx of deposit dollars on and off. When credit unions need loans they tend to forget about deposit accounts. Once loans grow more emphasis is placed on deposits accounts, typically by adjusting rates, which can be expensive. Instead, a steady influx of deposit dollars would be desired with the goal to turn those deposit dollars into loans as quickly as possible.

If your credit union needs to grow deposit dollars, MMSS offers the Deposit Product Competitive Position Profile Analysis which assists the credit union in identifying deposit potential, product positioning and member communication options.

Once properly positioned, promotion of deposit products can be achieved through the use of postcards and inserts.