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To create an effective referral program, it’s important to ensure that reward value matches the effort required. The more actions a new member must complete—such as transactions, direct deposits, or digital banking adoption—the higher the reward they’ll expect. Here are some recommended reward and requirement combinations for standard deposit products:
  1. Give 50,Get50, Get 50 when the friend opens up a checking account and completes 10 transactions
  2. Give 50,Get50, Get 50 when the friend opens up a checking account and completes two direct deposits of $500 or more
  3. Give 25,Get25, Get 25 when the friend opens a checking account and is in good standing after 30 days

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Tiered Reward Structure

For credit unions looking to promote multiple financial products, a tiered reward structure can be an effective strategy. This approach allows you to assign different rewards to different products—such as loans, mortgages, or high-yield savings accounts—based on their value and requirements. For example:
  • Mortgage Referral: Give 250,Get250, Get 250 when a referred member has their loan funded
  • Credit Card Referral: Give 50,Get50, Get 50 when a referred member gets approved and makes their first purchase
Extole supports customized reward structures by product type, ensuring your referral program remains flexible and aligned with your business goals.

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Adapting Your Referral Program Throughout the Year

To maximize engagement, your referral program should remain dynamic and adaptable. Adjusting rewards seasonally can help sustain momentum during slow periods and amplify referral activity during peak times.

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Strategies to Keep Your Program Fresh:

  • Run Limited-Time Offers: During key promotional periods (e.g., back-to-school, tax season, holidays), increase referral rewards or launch double rewards campaigns to create urgency and excitement.
  • Diversify Reward Types: Experiment with non-monetary incentives like branded swag, exclusive events, or giveaway entries to keep the program engaging for different member segments.

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Don’t Forget A/B Testing

Like all aspects of the referral program, the incentives can and should always be tested to see what works best for your audience. Check out the resources below to set one up.