New banks

Personal Capital launches a new savings account to cut through the ‘sea of sameness’

  • Personal Capital launched a new savings account into an undifferentiated market.
  • High APY, unlimited withdrawals, and extra insurance complement an eye-popping advertising campaign.
close

Email a Friend

Personal Capital launches a new savings account to cut through the ‘sea of sameness’

As the race for retail bank deposits ratchets up, asset manager Personal Capital has introduced a new savings product. Deemed Personal Capital Cash, the high-yield account offers a 2.3% interest rate for people who aren’t Personal Capital clients. That rate goes up to 2.35% APY for advisory clients, providing a greater incentive to current clients not to defect for higher yielding accounts elsewhere.

Personal Capital Cash offers FDIC insurance on accounts up to $1.25 million, no minimums, and unlimited number of withdrawals. The firm also launched Savings Planner, a new tool that provides guidance on building emergency funds and managing expenses.

“We have more than 2 million registered users who combined hold more than $41 billion in cash or money market accounts,” said Personal Capital CEO Jay Shah. “If those folks are earning the national rate on that cash, that amounts to more than $900 million in lost interest annually. We saw that and immediately knew we had to do something. So we built Personal Capital Cash to put that money back in the hands of American consumers.”

Most Americans aren’t generally aware of their savings options. In various studies, they don’t know what they’re earning on their own savings accounts. In new research conducted by Personal Capital, 53.2 percent of people surveyed have never checked to see if another financial institution offered a higher rate than your current savings account.

Personal Capital’s Cash campaign utilizes a pink pig

Accompanying the new savings account is a marketing campaign under the leadership of new CMO, Porter Gale. The former Virgin America executive lead a new aesthetic behind Cash that utilizes more striking colors and imagery than the dark blues and greens typical of other ads competing over savings accounts.

0 comments on “Personal Capital launches a new savings account to cut through the ‘sea of sameness’”

Outlier OpinionsMakers

New banks

Tiller: the personal finance platform replacing Microsoft’s Money in Excel

  • Excel is popular among users as a platform to manage money, and now Microsoft is promoting a third-party developer to make it fitter for the job.
  • Tiller connects a spreadsheet directly to a user's bank, where it then automatically categorizes and display's a user' financial data.
Subboh Jaffery | June 22, 2022
New banks

Credit Karma introduces new cash back rewards program for debit consumers

  • The company will now reward every purchase made at a Cardlytics partner merchant with instant cash back.
  • Consumers will be able to reap rewards for paying with Credit Karma Visa debit card at stores like Adidas.
Rabab Ahsan | June 21, 2022
New banks

The transformation of traditional banking: 3 questions with Rohan Amin, Chief Product Officer at Chase

  • What kind of structural changes were caused by the pandemic in the traditional banking sector?
  • Rohan Amin, CPO at Chase, talks about digital channels in banking, growing fintech competition, and what Chase intends to accomplish in the future.
Sara Khairi | June 20, 2022
Member Exclusive, New banks

Banking Briefing: The SMB/fintech fairytale & what makes a successful challenger bank

  • The recent news about Brex could be a cautionary tale for other SMB-focused fintechs.
  • Plus, MX's VP of product gives his thoughts on what makes a successful challenger bank
Rivka Abramson | June 20, 2022
New banks

Now that Marcus by Goldman Sachs’ acquisition of GreenSky is complete, what’s next for the combined firm?

  • In September 2021, Goldman Sachs announced it was acquiring home improvement lender, GreenSky.
  • After closing the deal earlier this year, leaders of the combined entities are focused on further building out the Marcus digital consumer banking platform.
Zachary Miller | June 13, 2022
More Articles