Rewards Checking

New Rate, New Opportunity

Boasting a higher interest rate than most savings accounts, Renasant Bank’s rewards checking account was already a go-to option for many of its clients. So, when Renasant’s board voted to raise its rate even higher—to an impressive 1.51 percent—we knew the results would be huge. This was the perfect opportunity to draw new clients to the bank.

The name of the game was deposits. We needed to utilize the new rate as a way to encourage customers to initiate a banking relationship with Renasant.

Tackling Deposit Growth Head-On

Attracting deposits is no easy task, especially when targeting a segment that already has accounts at other institutions. We needed to establish a compelling case for our audience to switch accounts, which can be a massive burden for any client to undertake. Since we were asking clients to make a permanent change to their daily routines, the biggest challenge was properly incentivizing such a decision.

Ten Million Reasons to Take Note

Plenty of bank ads focus on rates, but a simple idea done well is often the most powerful approach we take. After our creative team came up with a strong, eye-catching graphic treatment that aligned with Renasant’s brand values, our media coordinator implemented the work across a variety of mediums. Since our new efforts worked in concert with previous account assets our team created, we were able to update those with the new rate as well. Within the first month of the campaign, Renasant gained $10 million in deposits, proving that clients respond to high-quality work regardless of how familiar it may feel.