@mistercheap said in Question about banking:
@zerenia said in Question about banking:
@orthros said in Question about banking:
@mistercheap I also don’t understand.
@zerenia What bait-and-switch offers have you seen?
@orthros and @MISTERCHEAP I think I need to both apologize and clarify. Bait-and-switch was not a fair characterization of what I was trying to describe and came out of my own frustrations with online banks offering great rates only to ratchet those rates back after a period of time. Sometimes the rate was guaranteed for a certain amount of time (6 months or one year, for example), other times the rate changed with only a short notice. Sometimes, no notice. So, I apologize for confusing the discussion by using the term “bait-and-switch.”
Popular Online and Synchrony dropped my interest rates with no notice.
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@zerenia as for the ‘rate changed with short or no notice’, if this was tied to the drop in interest rates from the Fed, you will find that would be the case with just about all online rates. Granted, they don’t all drop rates in unison, but typically if one bank lowers their’s due to Fed rates dropping, it’s a matter of time before others follow suit. As long as the rate you are getting is competitive (even with the drop) with other banks on the same amount in the account, you can’t really be upset. Yes, you may see a 0.1-0-25% difference here and there, but for a small amount of difference, it’s likely the other bank will catch up to your rate soon enough. Not enough $$ lost to justify closing accounts and moving money to another bank
@MISTERCHEAP Agreed. But it was quite competitive as the rates were rising. Accounts were approaching 2% and they were making that rate available for deposits as small as $500.
I’d still appreciate some better communications from the banks.
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