Checking with interest pulls in accountholders & fuels loan growth

Greater Nevada Credit Union (Carson City, Nevada) has an appealing new checking offer for members that pays 4.00% interest.

Greater Nevada Credit Union (Carson City, Nevada) has an appealing new checking offer for members that pays 4.00% interest.  

Building on the success of its popular Aspire Checking Account, Tom Wambugh, VP of Member Services, says the credit union now offers members the potential for even better interest earnings. 

Previously, for example, members could earn 3.00% APY on deposits of up to $15,000 in the account. However, last month the credit union boosted the rate and ceiling amount to 4.00% APY and $50,000. 

Why the change? “We’ve been doing really well over the past few years and it was a nice way to return the earnings we’ve made back to our members in a substantial way,” explains Wambaugh. 

He adds that the credit union has also been very successful with lending in recent years.  Enhancing the Aspire account only made sense, as it has proven to be a  successful deposit-gathering tool and a great way to keep pace with an expanding loan volume. 

Better earnings for members 

Most importantly, “Members can put an additional $2,000 in their pocket per year with this account,” Kerstin Plemel, Vice President of Marketing adds. 

Wambaugh says the account is designed specifically for those who want to make their GNCU transactional account their primary account. Members have to perform certain actions to earn the rate, but Wambaugh says these actions should be easy for most people. 

Qualifications include:

  • Have at least 9 debit card purchases post and clear
  • Have one Direct Deposit post and clear
  • Receive online eStatements

The member must also live and/or work in the state of Nevada. Wambaugh says he’s gotten calls from people wanting to join who don’t live or work in the state and has to turn them away. 

In addition to the rate, members who meet these qualifications also earn up to $15 in out of network ATM fee refunds and the $15 monthly service charge is waived. 

“About 85% of our account holders qualify each month,” Wambaugh says. 

Heavy debit card usage 

“When it comes to debit card usage, members who use this account use their debit card 42 times per month on average. That usage number has been consistent for years so performing nine during the month shouldn’t be too challenging.”

Kerstin Plemel, Vice President of Marketing, says the credit union’s newly upgraded Aspire checking is already heating up the marketing.  

She says the credit union has already rolled out digital and outdoor billboards, and is currently working on a new multi-media campaign.  “We are getting ready to launch radio and TV, plus we are doing some light print.”

Plemel says the account is also being promoted through ongoing member communications, including emails, statement inserts, branch signage and the credit union’s website. 

Thus far,­­ Wambaugh reports that he’s heard the account is creating quite a buzz in the branches. 

“While we don’t have early numbers yet, those numbers [4.00% APY on up to $50,000] are pretty eye catching,” he says. 

Connection: Tom Wambaugh, Vice President of Member Services; Kerstin Plemel, Vice President of Marketing; Greater Nevada Credit Union, Carson City, NV; email: kplemel@GNCU.net; phone: 775-886-1404

Image courtesy of Greater Nevada Credit Union
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