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Lack of Digital Access for CDs Poses Challenges for Financial Institutions

In a comprehensive survey carried out by CD Valet, a leading digital marketplace for CDs, alarming insights emerged regarding the digital account opening capabilities of financial institutions in the United States. The findings, released in early 2026, underscore a major gap in the banking sector—66.5% of banks and credit unions currently do not offer digital account opening options for certificates of deposits (CDs).

This revelation raises significant concerns, particularly given consumers' growing expectations for seamless digital interactions. Mary Grace Roske, the Head of Marketing and Communications at CD Valet, noted how this gap leaves banks and credit unions at a disadvantage, especially when competing for affluent savers. “CDs can serve as a robust avenue for financial institutions to attract serious savers. Yet, many fail to capitalize on this potential by not providing an online account opening option, thereby missing a major opportunity for growth,” Roske explained.

Current Digital Offerings of Financial Institutions

The survey, which assessed 4,833 financial entities, revealed the following outcomes regarding digital account opening capabilities:

• - 45.5% of institutions do not offer any digital account opening services.
• - 21% provide digital account opening for savings and checking accounts only, while a mere 33% have provisions for all three categories – checking accounts, savings accounts, and CDs.

The Competitive Edge

For financial institutions looking to compete effectively, having a digital account opening feature is just the beginning. An integrated strategy is essential, where seamless digital experiences align with competitive rates and proper visibility in the digital marketplace. With many smaller banks often providing higher CD rates than larger incumbents, the absence of digital account functionality could mean losing out on potential customers who are eager for simplicity and convenience.

Roske emphasized the importance of holistic strategies, stating, “In today’s environment, deposit growth cannot be taken for granted. Particularly for community financial institutions, standing out requires competitive interest rates and a user-friendly account setup process paired with digital marketing strategies that enhance visibility.”

The Role of CD Valet in Closing the Gap

Recognizing the challenges faced by smaller banks and credit unions, CD Valet aims to facilitate better deposit attraction through its marketplace. By providing unbiased comparisons of CD rates from federally insured entities, the platform empowers financial institutions, even those with limited marketing budgets, to showcase their offerings effectively. This not only enhances their deposit base but also allows them to effectively compete against larger institutions with more resources at their disposal.

CD Valet has positioned itself as an invaluable resource for savers, showcasing the best available CD rates across the country and thereby highlighting the advantages of choosing smaller institutions that offer competitive rates on CDs. For financial institutions eager to grow, leveraging platforms like CD Valet could be the key to increased visibility and customer acquisition.

Conclusion

The gap in digital account opening capabilities is a pressing issue for many financial institutions. As the demand for efficient and accessible banking solutions continues to rise, institutions that fail to adapt may find themselves left behind. By addressing these digital shortfalls and taking proactive measures to enhance their offerings, banks and credit unions can not only attract new customers but also maintain relevance in the fast-evolving financial landscape.