The news: PNC launched a new, tiered rewards program that includes higher credit card rewards, lending-related cash back, and higher savings rates. Benefits increase based on how much money customers keep across accounts.

Zoom out: This “total relationship” reward model is a stark departure from the pure “fee-waiver” model for deposit accounts and purely transaction-based rewards for card spending. The new rewards program incentivizes customers to consolidate deposits and investments with the bank. It also sets tiers tied to 90-day average balances, from $25,000 for the lowest of three tiers to $500,000 for the highest.

Trendspotting: Banks typically tier their relationship-based rewards programs by account balances, targeting segments from mass-retail to mass-affluent consumers. A common tactic, like with PNC’s new program, is to set a floor for relationship rewards. Some have taken their rewards programs further: U.S. Bank has reward tiers from $0 to $100,000-plus in deposits, and Bank of America is expanding its rewards program in May to all personal checking account customers.

Implications for banks: PNC’s “whole relationship” rewards program underscores that loyalty is shifting from purely transaction-driven rewards to relationship-based rewards. Linking deposits and investments to more points on card spending and incentives for borrowing encourage customers to stay for products and services they might otherwise purchase elsewhere, encouraging primary relationships.

Banks considering rewards strategies must think carefully about the nature of customer relationships in the context of the products and services they have and the benefits they can realistically offer. Fee waivers are a poor consolation prize for customers who don’t meet a specific threshold. Banks need to look beyond the “relationship rewards” buzzword to the stickiest products and services they can convince their customers to adopt.