Thursday night, as my son Tivo-ed his way through the commercial breaks on The Office, I noticed a Key Bank logo at the end of the commercial break. I had him go back and play the five-second spot which was teaser style with a brief voiceover, logo, and the URL:
KeyBank.com/saveday
Expecting to see an interesting Web-based savings-account-marketing effort, I typed "key bank save" into Google and came up empty-handed (see note 1). The first link led to a Key Bank loan application, and no display of sponsored results.
Next, I tried connecting directly to the bank using what I recalled of the URL shown in the TV spot, <keybank.com/save>. I realized it was the wrong address when all I saw was an error page, which unfortunately contained no guidance on what to do next (see inset). Finally, I went to the Key Bank homepage and found a large banner announcing the program aimed at encouraging users to curtail their discretionary spending on a designated day (your "Save day") each week (see second screenshot below).
Analysis
I like the idea of creating an interesting program to spur savings. For example, even though I didn't much like it initially (see post here), Bank of America's Save the Change does have a certain amount of appeal, at least from a marketing standpoint (see note #2).
And Centra Credit Union's <centra.org> new prize-based savings plan deserves a second look (thanks Doug True for the original post on this, here; see screenshot in note #3 below).
However, there isn't much to like about Key Bank's Saveday effort. The television spots may work as image advertising, but the website execution left much to be desired. The bank not only failed to support its television buy with search advertising, but also it landing page contains little of interest besides the standard suite of savings calculators (see screenshot in note #4 below). No incentives, contests, or benefits beckon and motivate consumers to do something as unpleasant as giving up their daily latte.
The bank does offer a handy PDF worksheet that can be printed out to calculate a monthly budget; however, no links or discussions of automated savings plans are in evidence. Putting savings on auto-pilot is a much more powerful saving system than trying to get customers to sacrifice their caffeine one day per week.
Also absent are interactive elements to help get someone started. For example, why not send customers a text message to their phone or email each Saveday to encourage them to save.
But the biggest blunder is calling attention to the bank's incredibly low savings rates. For example, for a $10,000 saving balance, a typical amount in high-yield savings accounts, Key's three options paid a paltry 0.10%, 0.20% and 1.24% (see note #5). And no, those are not typos, that's two-tenths of a percent, in the KeySaver account, or a grand total of $1.66 per month, before tax. Not even enough to buy that cup of coffee the bank wants you to forego on your Saveday.
It takes a $25,000 balance to get above 1.24% in any of Key's savings accounts (note #6). And anyone who's managed to stash away that much in liquid savings probably doesn't need a Saveday.
Notes:
1. Later we tried, "key bank saveday" and the first link was a press release on the promotion, but it was at a csrwire.com URL (see release here). Searching from a Seattle Wi-Fi IP address in Seattle.
2. Bank of America has recently been touting the Save the Change debit card benefit in its usual excellent television ads.
3. Centra Credit Union Super Savings page
4. Key Bank Saveday landing page
5. Rates quoted on Keybank.com for zipcode 98115 on 22 Jan. 2007
6. Update Jan. 30: According to a bank employee, a $25,000 deposit now pays 3% in Key Ultra Money Market, which I confirmed online. And in markets where Key Bank doesn't have a branch presence, the rate is as much as 5.25% through Key Direct (see screenshot below).
