4 ms·
I think even more terrifying is that most people might need to "shop" banks. I say that because in reality for your standard checking bank fees are non-existen
by nightski 8y ago
I think even more terrifying is that most people might need to "shop" banks. I say that because in reality for your standard checking bank fees are non-existent if you have over $1000 in the account even at the worst of banks (some much less).
For savings accounts the value of shopping becomes more apparent. But if you are getting hit by bank fees then savings account APY is really not a primary concern.
- CompelTechnic 8y agoYeah the difference you see between the banks that actually give good rates and not is amazing. Ally is offering 1.80% on savings right now. Wells fargo is offering at most 0.15%. Wells Fargo has obviously done the math and realized that their customers simply do not care to switch accounts even though the interest they offer is abyssmal. Pretty weird stuff. As rates rise slowly it will be interesting to see whether the frogs finally get hot enough to jump out of the pan and abandon wells fargo, forcing them to raise rates. https://www.wellsfargo.com/savings-cds/consumer-account-rates/ https://www.wellsfargo.com/savings-cds/consumer-account-rate... https://www.ally.com/bank/view-rates/ https://www.ally.com/bank/view-rates/
- nightski 8y agoOr there are people like me who hold their business & personal accounts at wells fargo, but have savings accounts at banks such as ally & citizen's access. You don't have to go all in on a single bank.