8 ms·
Bank of America wants to pay me 15 basis points APR on my savings deposits. It's so low the bank managers can hardly explain it with a straight face. Ally Ban
by nugget 11y ago
Bank of America wants to pay me 15 basis points APR on my savings deposits. It's so low the bank managers can hardly explain it with a straight face. Ally Bank offers me 100 basis points. Who do you think is earning my brand loyalty? Mobile check deposit eliminated the last need I felt to be near a physical branch and for the first time I can foresee a future where I move all my banking needs to Ally or one of their competitors.
- jwmerrill 11y agoBank of America is even worse than that. Their currently advertised savings accounts offer 1 or 3 basis points APY. Double your money in only 2300 years with the miracle of compounding interest.
- deleted 11y ago[deleted]
- PhantomGremlin 11y agoAlly Bank offers me 100 basis points ... Who do you think is earning my brand loyalty? Ah yes, the company that made billions of dollars in subprime loans to deadbeats. The company that required a $16 billion bailout from the US Treasury. The company that had a fun time robo-signing foreclosures.[1] But it's OK. They changed their name, so we can all forget that they were a major contributor to the financial crisis. They're no better and no worse than BofA. None of those companies will get any "brand loyalty" from me. [1] https://en.wikipedia.org/wiki/Ally_Financial https://en.wikipedia.org/wiki/Ally_Financial
- tcbawo 11y agoEven 100 basis points is below inflation. It's hard to see a reason to keep more than an emergency fund in a savings account.