There is nothing like a long run of rate increases to make your deposit customers happier. You might as well take some credit; it probably won't be long before they move in the other direction.

So every time you raise rates, make sure to let customers know with an email message. Of course, this assumes competitive rates. If you are increasing from 0.45 percent to 0.65 percent, you probably want to keep that to yourself.

EverBank raised checking account rates Jan. 1 from 3 percent to 3.5 percent depending on balance levels. On Jan. 3, it sent an email with the subject (click on inset for closeup view):

You're earning more with EverBank - interest rates rise again!

Analysis
EverBank's message is straightforward. Here's what they did right:

• Included security graphic/link in upper-right corner
• Kept copy concise and to the point
• Included a chart showing rate by balance level; subtle encouragement to add funds
• Reinforced free online banking and bill pay (underneath chart)
• Cross-sold its Yield Pledge Money Market and CD for those looking for better rates; Yield Pledge products are guaranteed to offer a rate in the top 5 percent at BankRate.com
• Included toll-free phone number
• Signed by real person with real signature; in this case, Frank Trotter, president

And a shorter list of improvements:

• Personalization helps make a message look genuine, but there's no personalization in the salutation: "Greetings EverBanker!"
• Clicking through the security graphic leads to a generic page full of links to terms and conditions; the bank should create a page that specifically addresses users' security concerns, especially regarding phishing emails
• The bank should improve its unsubscribe function; currently, it's an all-or-nothing choice triggered by sending a blank email with UNSUBSCRIBE in the subject line; that's easy for users, but the bank's just lost an opportunity to query the customer in more detail about what they do and don't want to receive via email
• Weak P.S.: "The FreeNet Checking Account gives you the yields and the service you deserve. Bank on it!"

Grade
Overall, we'll give it an A-

--JB