In today’s fiercely competitive deposit environment, many financial institutions have turned to higher interest rates to stay in the game. But a few are breaking away from traditional strategies, using innovative and often underutilized tactics to attract and retain deposits, and the results are worth noting.
1.Entering Markets with Little or No Competition
While many banks are consolidating branch networks, Premier Community Bank in Wisconsin is taking a different approach by expanding into small, underserved markets that other institutions have left behind. Over 12 years, the bank added six locations and nearly doubled in size to $550 million.
By entering towns where other banks had exited, Premier gains low-cost access to deposit relationships and becomes the dominant local provider. Many of these branches were “fixer-uppers,” both physically and in terms of service, giving the bank opportunities to invest and grow. With added services like investment advising and insurance, and plans to bring in municipal and utility depositors, the strategy has paid off by turning overlooked communities into engines for deposit and revenue growth.
2.Empowering Frontline Staff to Close Deposit Deals
Mid Oregon Credit Union moved away from “match-it-or-lose-it” rate negotiations and instead empowered its frontline staff with more flexible tools and training. In a high-rate environment where digital platforms often can’t handle custom requests, the credit union created a system that lets staff offer competitive certificate (CD) rates within defined limits.
This consultative approach not only boosted deposits, particularly among premium checking account holders, but also turned rate-driven conversations into relationship-building opportunities. When depositors come in with rate expectations, staff can now pivot to alternative options that preserve the member relationship, even if a renewal rate isn’t as high as the original.
The strategy also supports long-term growth by focusing on premium customers who bring in large, discretionary savings balances. With training, flexible product offerings, and relationship-focused service, Mid Oregon is deepening deposits while maintaining cost controls.
3.Promoting Certificates of Deposit (CDs) as Financial Gifts
A less conventional but high-potential tactic involves positioning CDs as meaningful financial gifts. Survey data shows that a significant portion of financial gifts—especially from parents and grandparents—are still given in the form of savings bonds, 529 college plans, and CDs.
This presents a unique marketing opportunity. By simply educating customers that CDs can be used as gift vehicles for college expenses, life milestones, or intergenerational support, institutions can tap into a growing consumer interest in more practical, financially beneficial gifting options. CDs, with their strong returns and insured safety, are well-suited for this purpose. With the right messaging, banks can position themselves as partners in long-term, values-driven financial giving.
The Takeaway
These three institutions show that successful deposit growth doesn’t always require chasing top interest rates or launching large campaigns. Whether it’s entering overlooked markets, enabling frontline staff with greater flexibility, or reframing deposit products for new use cases, each tactic represents a shift toward smarter, more customer-focused strategy.
Explore the full insights from Matt Doffing’s article in The Financial Brand here.