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’”

New banks

‘The financial industry was not built to serve the needs of melanated people because we were excluded from its construction’: Visa partners on crypto with First Boulevard

  • Visa partnered with digital bank First Boulevard for the anticipated launch of its crypto API pilot program.
  • The challenger bank which is focused on increasing financial inclusion for the Black community will enable its customers to purchase, trade and custody digital assets.
Rimal Farrukh | February 25, 2021
New banks

‘It’s difficult for a smaller, local bank to compete against the mega banks’: Inside Trustco Bank’s evolving digital experience

  • New York’s Trustco Bank recently implemented a digital banking platform to improve customer user experiences.
  • The local bank has witnessed over a 50 percent increase in mobile deposits.
Rimal Farrukh | February 11, 2021
New banks

‘Same standard materials, but a different finish’: How bank branches are evolving in the era of Covid

  • Bank branches aren’t disappearing anytime soon.
  • Instead, they’re evolving to serve more purposes.
Rivka Abramson | February 01, 2021
New banks

Incumbents continue to be perceived as the safer choice among customers; challengers keep trying

  • People seem to feel safer with incumbent banks.
  • Challenger banks keep working to gain trust.
Rivka Abramson | January 25, 2021
Member Exclusive, New banks

As popularity of teen banking grows, competitors differentiate in marketing and monetization

  • Reaching teens and their parents isn't an easy lift.
  • With the increased popularity of teen banking, competition is finding different ways to market and monetize.
Rivka Abramson | January 22, 2021
More Articles