Search Engine Marketing: Google Adwords Costs For Banks & Credit Unions
Every time someone types a financial related term into Google, there are banks and credit unions paying to have their ads placed atop the search results. The neat thing about Google AdWords is that you don’t pay until someone clicks. Some search terms only costs a few cents per click, while other more valuable and popular terms can run you a few bucks. With the Google AdWords interface, you can control how much you’re willing to pay per click, and how much you’re willing to spend every day. If you hit your spending limit, Google simply stops showing your ads. It’s a pretty slick system… if you have someone responsible for tightly managing and massaging your campaigns. A “set-it-and-forget-it” strategy probably isn’t going to pay off.
Here’s a breakdown of who’s paying for what, how much it costs, how many keywords they use and how many clicks they get. The data is divided into four main groups: Banks, Credit Unions, Consumer Search Terms and Geographical Search Terms. There are two bonus sections at the end showing how financial institutions are targeted through Google AdWords by industry vendors and trade groups.
Banks Using Google AdWords
| Bank | Daily Budget | Keywords Used | Paid Clicks |
|---|---|---|---|
| Bank of America | $15,830 – $29,420 | 59,373 | 28,700 |
| Bank of the West | $476 – $1,000 | 3,335 | 439 |
| Bankrate.com | $22,500 – $38,590 | 64,398 | 29,500 |
| BB&T | $303 – $912 | 6,849 | 404 |
| Charter One | $931 – $2,010 | 2,695 | 1,020 |
| Chase | $27,620 – $33,540 | 40,692 | 31,700 |
| Citi | $929 – $4,490 | 8,807 | 2,370 |
| Citizens | $229 – $598 | 1,872 | 127 |
| Deluxe | $6K – $13K | 19,805 | 7,680 |
| DepositAccounts.com | $69 – $111 | 501 | 114 |
| Fifth Third Bank | $570 – $908 | 2,870 | 659 |
| First Tennessee | $96 – $290 | 722 | 142 |
| Harris | $1,500 – $2,730 | 2,646 | 1,520 |
| LendingTree | $12,080 – $23,620 | 29,618 | 16,500 |
| MyBankTracker | $170 – $597 | 175 | 98 |
| PNC | $5,070 – $8,070 | 27,111 | 6,960 |
| Quicken Loans | $43,960 – $44,630 | 37,532 | 46,100 |
| Regions Bank | $290 – $778 | 9,219 | 217 |
| SunTrust Bank | $404 – $680 | 10,878 | 591 |
| Susquehanna | $13 – $27 | 17 | 4 |
| Umpqua Bank | 0 | 34 | 0 |
| US Bank | $4,130 – $9,540 | 15,864 | 7,470 |
| USAA | $9,950 – $20,430 | 54,312 | 17,300 |
| Wells Fargo | $5,040 – $14,680 | 58,009 | 11,100 |
Credit Unions Using Google AdWords
Out of the top 20 biggest credit unions in the U.S., 11 are running Google Adwords campaigns (55%). Navy FCU, the biggest credit union in the world, also has the biggest AdWords budget — probably around $1 million annually.
| Credit Union | Daily Budget | Keywords Used | Paid Clicks |
|---|---|---|---|
| Navy FCU | $1,220 – $6,870 | 28,627 | 4,640 |
| Pentagon Federal | $681 – $2,700 | 6,028 | 1,510 |
| BECU | $241 – $688 | 22,924 | 151 |
| Golden 1 | $1.02 – $4.19 | 228 | 2 |
| Security Service FCU | $25.28 – $68.53 | 48 | 14 |
| San Diego County | $66.85 – $153.95 | 44 | 19 |
| CEFCU | $7.75 – $22.97 | 460 | 5 |
| Alaska USA | $9.37 – $38.45 | 17 | 3 |
| Randolph Brooks | $105.42 – $303.07 | 174 | 61 |
| Delta Community | $29 – $107 | 3,473 | 28 |
| IBM SE | $6 – $19 | 106 | 3 |
| Associated | $80 – $210 | 344 | 52 |
| Georgia United | $40 – $87 | 2,850 | 20 |
| Fairwinds | $15 – $30 | 24 | 4 |
Common Consumer Search Terms
| Keyword(s) | Cost/Click | Searches/Day | Clicks/Day |
|---|---|---|---|
| mortgage | $1.16 – $1.42 | 304,667 | 4,190 – 5,280 |
| mortgage rates | $0.67 – $0.83 | 40,667 | 6,380 – 8,860 |
| home loan | $0.83 – $1.01 | 33,333 | 1,440 – 2,000 |
| foreclosure | $0.64 – $0.78 | 91,333 | 2,560 – 3,550 |
| short sale | $0.48 – $0.58 | 27,433 | 563 – 782 |
| reverse mortgage | $2.20 – $2.70 | 6,700 | 182 – 253 |
| home equity loan | $1.24 – $1.52 | 4,500 | 160 – 223 |
| car loan | $1.12 – $1.38 | 22,433 | 964 – 1,340 |
| auto loan | $0.62 – $0.76 | 27,433 | 792 – 1,100 |
| credit union | $0.83 – $1.03 | 553,333 | 989 – 1,370 |
| bank account | $1.19 – $1.47 | 22,433 | 564 – 784 |
| checking account | $1.18 – $1.46 | 18,333 | 581 – 807 |
| debit card | $0.75 – $0.93 | 22,433 | 595 – 827 |
| direct deposit | $0.96 – $1.18 | 8,200 | 136 – 189 |
| online bill pay | $0.90 – $1.10 | 8,200 | 171 – 237 |
| money market account | $1.29 – $1.59 | 3,017 | 94 – 131 |
| cd rates | $1.77 – $2.17 | 12,267 | 509 – 707 |
| savings account | $1.12 – $1.38 | 15,000 | 494 – 686 |
| fico score | $1.08 – $1.32 | 3,667 | 64 – 89 |
| personal loan | $1.18 – $1.46 | 15,000 | 362 – 503 |
| boat loan | $0.59 – $0.73 | 1,350 | 50 – 69 |
| rv loan | $0.62 – $0.76 | 740 | 17 – 23 |
| motorcycle loan | $0.64 – $0.78 | 1,103 | 43 – 60 |
| business loan | $1.53 – $1.89 | 12,267 | 293 – 408 |
| business checking | $1.97 – $2.43 | 2,467 | 51 – 72 |
Geographically Specific Search Terms
| Keywords | Cost/Click | Searches/Day | Clicks/Day |
|---|---|---|---|
| new york bank | $0.39 – $0.47 | 18,333 | 3 – 5 |
| california bank | $0.93 – $1.15 | 15,000 | 3 – 4 |
| texas bank | $0.93 – $1.15 | 18,333 | 9 – 12 |
| kansas bank | $5.02 – $6.18 | 4,500 | 0 |
| boston bank | $0.56 – $0.68 | 3,667 | 2 |
| houston bank | $1.31 – $1.61 | 2,467 | 0 |
| seattle bank | $0.68 – $0.84 | 1,103 | 1 |
| cincinnati bank | $0.64 – $0.78 | 903 | 0 |
| new york credit union | $1.56 – $1.92 | 1,350 | 0 |
| boston credit union | $0.36 – $0.44 | 330 | 4 – 6 |
| texas credit union | $0.80 – $0.98 | 4,500 | 2 – 3 |
| seattle credit union | $1.15 – $1.41 | 903 | 3 – 5 |
| chicago home loan | $1.08 – $1.32 | 63 | 0 |
| houston home loan | $0.90 – $1.10 | 29 | 0 |
| tampa home loan | $0.94 – $1.16 | 9 | 2 – 3 |
| kansas home loan | $0.64 – $0.78 | 33 | 1 |
Financial Consultants Targeting Banks & Credit Unions
| Vendor/Association | Daily Budget | Keywords Used | Paid Clicks |
|---|---|---|---|
| ABA | $269.67 – $468.33 | 2,818 | 468 |
| Bancvue | $40.70 – $159.36 | 23 | 27 |
| Branch Xpress | $13.28 – $47.30 | 37 | 6 |
| Cornerstone Advisors | $29.61 – $63.71 | 975 | 72 |
| CreditUnions.com | $10.17 – $42.53 | 51 | 5 |
| CU iDiz | $15.22 – $37.06 | 10 | 4 |
| CUNA | $3.92 – $37.72 | 415 | 22 |
| Credit Union Times | $20.84 – $93.97 | 49 | 18 |
| Currency Marketing | $3.84 – $10.48 | 2 | 1 |
| EHS Design | $59.23 – $174.95 | 100 | 40 |
| Financial Management Solutions | $7.53 – $49.76 | 291 | 6 |
| FMS | $82.17 – $246.37 | 291 | 74 |
| JCDI | $2.41 – $16.62 | 18 | 1 |
| LKCS | $10.40 – $73.15 | 84 | 13 |
| Market Rates Insight | $3.32 – $18.97 | 5 | 1 |
| NewGround | $1.54 – $13.24 | 21 | 1 |
| Online Banking Report | $20.42 – $53.08 | 275 | 33 |
| ProfitStars | $335.00 – $728.26 | 3,370 | 511 |
| The BA Group | $16.55 – $82.80 | 54 | 16 |
| Third Degree Advertising | $20.95 – $145.57 | 91 | 27 |
| Weber Marketing Group | $24.78 – $91.86 | 234 | 26 |
Common Terms Used to Target Banks & Credit Unions
| Keyword | Cost/Click | Searches/Day | Clicks/Day |
|---|---|---|---|
| credit union marketing | $0.54 – $0.66 | 97 | 7 – 10 |
| credit union advertising | $0.82 – $1.00 | 20 | 6 – 8 |
| credit union website | $0.39 – $0.49 | 220 | 1 |
| bank marketing | $0.50 – $0.62 | 493 | 17 – 24 |
| bank advertising | $0.66 – $0.82 | 330 | 4 – 6 |
| bank merchandising | $0.56 – $0.68 | 6 | 1 |
| bank marketing plan | $1.08 – $1.32 | 11 | 3 – 4 |
| bank consultant | $0.67 – $0.83 | 220 | 12 – 16 |
| bank branding | $0.51 – $0.63 | 20 | 1 |
| bank brochures | $0.57 – $0.69 | 24 | 1 |
| bank promotions | $0.65 – $0.81 | 493 | 22 – 31 |
| bank design | $0.48 – $0.58 | 493 | 1 |
| bank architecture | $0.40 – $0.50 | 97 | 1 |
| bank branch design | $2.34 – $2.88 | 7 | 0 |
| financial marketing | $0.90 – $1.10 | 603 | 7 – 10 |
| financial branding | $0.83 – $1.01 | 11 | 0 |
| financial advertising | $0.66 – $0.82 | 120 | 7 – 9 |
All content © 2013 by The Financial Brand and may not be reproduced by any means without permission.
Love seeing some data on search marketing thanks for putting this together.
I do think those CPC’s look pretty low, but they are consistent. (could just be broad pricing)
Very interesting to see the differences in # of keywords being targeted.
Great information. I find it striking that this data implies that Community Banks and Credit Unions (non mega Credit Unions that have assets < $1 billion) are essentially absent from online marketing.
How do Community Bank and Credit Union CMOs / VP Marketing explain this?
There are many smaller CUs and community banks running Google AdWords campaigns. When the data was collected, The Financial Brand looked at the biggest banks and biggest credit unions because they are the most likely to be investing in this medium. The “samples” used in this research were not random. It’s a handful of selective snapshots. Also, the free data service (SpyFu) only lists the top advertisers, which explains why the data skews towards the upper end of the asset spectrum. If you pay for more access, you can see everything — all advertisers, all keywords, etc.
If you want to check and see if any particular financial institution is using Google Adwords, go to SpyFu.com and type their URL into the search window.
CPC looks low to me also, but overall it’s good useful information. You can also use the free Google keyword tool here https://adwords.google.com/select/KeywordToolExternal
to view average bid among the top bidders, for any keyword, plus the number of searches per keyword.
What i would fine most interesting is, to see the stated MWR (most wanted response) of each of these (or any of these) top advertising banks.
Some may have actual measurements to calculate the effects of their advertising, a roi if you will. I’m not sure, i would suspect most big financial institutions may be taking a longer-term approach and shooting for branding. This group simply wants to keep their brand name in front of the eyeballs and they know that will it produce some results at some point in time.
Interesting!
The data was collected through SpyFu. When comparing this data to data previously collected through SpyFu, yes, I’d agree: it appears the CPC has dropped and/or is lower than anticipated.