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.
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.

New banks

‘We want to figure out what they’re doing differently’: Why KeyBank acquired millennial lender Laurel Road

  • Last April, KeyBank acquired Laurel Road, a digital student loan refinancing platform.
  • Now, both brands are ready to leverage each other's strengths.
Zack Miller | June 06, 2019
New banks, Podcasts

Finxact’s Frank Sanchez on building an ecosystem around core banking technology

  • Frank Sanchez has been participating in the core banking tech space for 35 years.
  • He's back with Finxact and wants to go head to head with 'slow' core providers.
Zack Miller | May 31, 2019
New banks

Dan Ariely on how Qapital uses behavioral finance principles to help people save more

  • Renowned behavioral economist Dan Ariely has spent a career thinking about how to get people to save more.
  • He was recently named chairman of the board of Qapital, a challenger bank.
Zoe Murphy | May 24, 2019
New banks, Podcasts

Behind the scenes of OakNorth’s mortgage product launch with CFO Cristina Alba

  • OakNorth is a UK challenger bank that's really focused on SME lending.
  • The company recently launched a mortgage product aimed at the same entrepreneurs.
Zack Miller | May 23, 2019
New banks, Podcasts

BankMobile’s Luvleen Sidhu on T-Mobile MONEY, banking college students, and leveraging partnerships for growth

  • T-Mobile now offers banking services and a very aggressive interest rate.
  • Through this white label partnership, BankMobile reaches more end customers.
Zoe Murphy | May 21, 2019
More Articles