Credit unions are facing a more demanding deposit-acquisition environment as checking incentives become more expensive and competition for household balances intensifies. A new guide from evok Credit Union Marketing argues that financial institutions should shift deposit marketing away from account-opening volume toward funded accounts, direct-deposit activation and long-term balance retention.

The guide, Credit Union Deposit Growth Marketing: Campaign Strategies That Attract Core Deposits and Lower Cost of Funds, targets marketers who support lending capacity through stronger deposit acquisition.

According to figures cited by evok, 43% of financial institutions offered cash incentives on new checking accounts in 2025, with the average incentive reaching $277. The agency argues that acquisition campaigns measured primarily by applications can obscure whether newly opened accounts actually contribute meaningful deposits.

That distinction is becoming more important as credit unions compete with larger institutions and digital-first financial providers for consumer balances.

Market Landscape

The guide arrives amid continued pressure on credit unions to attract and retain funding. Evok cites an aggregate loan-to-share ratio of 81.5% in the first quarter of 2026 and says the number of federally insured credit unions declined to 4,250 from 4,411 a year earlier.

For marketers, those dynamics increase the importance of connecting acquisition activity with balance-sheet outcomes. An account that receives payroll deposits can have significantly different economic value from one opened solely to obtain an incentive.

Evok cites research indicating that accounts receiving payroll deposits maintain balances 23% higher and remain open roughly twice as long. The agency also estimates direct-deposit penetration among newly acquired accounts at 55%.

These figures reinforce a broader shift in financial-services marketing toward lifecycle measurement rather than campaign-level acquisition metrics.

Strategic Outlook

Evok's framework organizes deposit marketing around six priorities: rate-led versus relationship-led acquisition, primary checking acquisition, direct-deposit capture, certificate and money-market offer design, deposit retention and cost-of-funds measurement.

The emphasis on direct-deposit activation is particularly significant. Instead of treating onboarding as a generic communications sequence, the guide recommends designing the first 30 days around moving the consumer's paycheck into the new account.

For marketing teams, that approach changes both creative strategy and measurement. Campaign performance can extend beyond applications and funded accounts to include direct-deposit activation, balance retention, cannibalization and marginal cost of funds.

The strategy also reflects the growing need for marketing and finance teams to share performance metrics. Six- and 12-month balance retention, for example, can provide a more meaningful assessment of acquisition quality than initial account volume.

Top Insights

• Account volume is not the same as deposit growth: Acquisition campaigns need to measure funded activity and retained balances.
• Direct deposit can strengthen account economics: Payroll-linked accounts are cited as having higher balances and longer retention.
• Incentives require closer scrutiny: A $277 average checking incentive increases the importance of measuring customer lifetime value.
• Retention belongs in acquisition strategy: Early behavioral signals can help marketers identify balances at risk of leaving.
• Marketing metrics are becoming balance-sheet metrics: Cost of funds and retention can complement conventional campaign KPIs.

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