North Shore Bank “Up-front”
Program Perks Savers’ Interest

Challenge:

How does a mid-sized financial, with modest advertising dollars, attract savings deposits when regional and national competitors are offering equal or better rates and services, and have more dollars to promote them?

Strategy and Execution:

North Shore Bank decided to do something that had never been tried in this market – paying interest in advance for new CD accounts. Despite limited promotion, a 16-month certificate of deposit that promised up to $3,500 cash interest in advance was a quick seller at North Shore.

Timing was key to the campaign’s marketing strategy. The interest-in-advance offer was promoted for two weeks in October, and expired December 31. Our hunch that a lot of people would welcome ready cash for the holidays paid off big time, delivering goal-breaking deposits.

The large, two-color print ads ran in local market newspapers. “$350 CASH INTEREST TODAY,” the headline read, with a $5,000 deposit. The top objective of the campaign was to attract new customers, which in turn allowed for cross-selling of other products and services. Copy below the cash-in-advance message offered the option, “Take your interest in cash, or put it in a North Shore service-charge free, no minimum balance, Checking Account.”

Results:

North Shore Bank acquired new customers and sold checking accounts, while acquiring deposits, far surpassing the monetary objectives of the campaign. The big plus was the national recognition in a Bank Advertising News article, as well as feature stories in local newspapers like the Milwaukee Journal. Wolkos Advertising Agency’s responsibilities with North Shore Bank included the development and production of advertising and sales promotion campaigns for savings and checking accounts, mortgage loans, consumer lending and other financial products and services. During the 34 years we served as their marketing/communications partner, North Shore Bank grew from one office to 40 branch offices and is currently the fourth largest savings bank in Wisconsin.