Originally Posted by Melanie Friedrichs on blog.andera.com. Follow us on twitter @AnderaInc.

Consumers CU By Laws. Image Sourcre: Consumers Credit Union History Report

Consumers Credit Union (CCU) of Waukegan, IL has a great story. It began as a housewives’ milk-buying club, survived 12 recessions and the loss of its sponsor, and with its new sponsor grew to accept members nationwide. The latest chapter of their story is no less exciting; when most financial institutions were laying low after the financial crisis, CCU created a winning combination of high rewards checking, online account opening, and effective online marketing and rapidly increased both membership and asset size.

In 2008, when checking account yields were falling and the recession was in full swing, CCU swam directly against the tide and established a Free Rewards Checking account with a 4.09% rate. This was the highest rate of anyone with a national footprint, especially with a cap of $10,000. The rate remained at 4.09% until June 30th of 2012.

Using Andera’s online account opening system, CCU opens about 40% of its total deposit accounts online. Out of the 7,500 accounts opened in 2011, 3,113 came in through the online channel. Online account opening gives CCU a competitive edge, allows it to service its national charter, and when combined with a strong product like high rewards checking, drives growth in membership.

Consumers paired online account opening and high rewards checking with new endeavors in digital marketing. They redirected traditional print advertising spend to targeted online advertising and search engine optimization. Their exceptionally high interest rate and general interest around bank transfer day also helped created viral online press.

To read more, download a free copy of Andera’s just-released case study on Consumers CU here!