Branch closures are a strategic reality for many banks. Whether driven by cost reduction, digital transformation, or shifting consumer behavior, shuttering a physical location inevitably raises a critical question: How do we quickly and reliably replace the deposits tied to in-branch foot traffic?
When a branch closes, the deposits it once generated often don’t migrate seamlessly to other branches or digital channels. And while high-yield checking accounts might appear to offer a lifeline, too often they attract low-balance, high-cost customers. Banks are left with a liquidity gap, delayed acquisition timelines, and a pressing need to stabilize revenue.
That’s why we developed High Yield Savings by Plinqit, a purpose-built deposit growth engine designed to fill this gap with speed, scale, and proven performance.
A Turnkey Path to Deposit Growth
Unlike traditional offerings that can take months to deploy or fail to move the needle on balances, High Yield Savings by Plinqit gets banks to market quickly. The turnkey implementation ensures operational ease, fast execution, and measurable impact – often within weeks. The average High Yield Savings client is up and running in under 12 weeks.
More importantly, it delivers real results. Clients using High Yield Savings by Plinqit have generated over $3 billion in deposits in only 18 months.
Deposits That Stay… and Scale
High Yield Savings isn’t a volume play with thin margins. It’s engineered for quality.
Banks leveraging the product see average balances north of $45,000 per account, a stark contrast to the low-balance accounts often acquired through promotional checking offers. Better yet, user behavior demonstrates meaningful engagement and conversion:
- Over 80% of users who link a checking account to their High Yield Savings account fund it.
- More than 60% of users who pass KYC go on to fund the account.
These metrics tell a compelling story: not only are the accounts being opened, they’re being funded and used in ways that materially benefit the bank’s balance sheet.
The Surge in Search Demand: A Timely Opportunity
Since 2021, online searches for “high yield savings accounts” have increased more than tenfold. Consumers are not only aware of the category, they’re actively seeking it. For banks, this creates a dual benefit: capture demand that’s already surging and meet customers where they are digitally.
By offering High Yield Savings, financial institutions position themselves at the center of that search behavior, driving visibility, clicks, and, ultimately, account opens. When paired with a thoughtful digital acquisition strategy, banks can extend their reach far beyond their traditional geographic footprint, turning branch contraction into digital expansion.
A Strategic Move with Executive-Level ROI
Boards and executive teams are understandably cautious about new product initiatives, especially in uncertain rate environments. For CFOs and Chief Deposit Officers, the numbers speak for themselves. For marketing leaders and digital channel owners, the user behavior metrics and conversion rates translate directly into campaign efficiency and ROI. And for the broader institution, it means confidence in navigating consolidation without compromising growth.
Conclusion: When Branches Close, Opportunity Opens
Branch closures don’t have to signal the end of local deposit generation. With High Yield Savings by Plinqit, they can mark the beginning of scalable, digital-first growth.
Banks looking to turn foot traffic into funded accounts now have a reliable path forward – one that delivers strong average balances, fast time-to-market, and a customer experience aligned with modern expectations.
Ready for more information? Watch a short demo clip here.
