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> "It's a competitive market," Jeremy Barnum, chief financial officer of JPMorgan Chase told investors on Friday, as the firm reported that average deposits had

> "It's a competitive market," Jeremy Barnum, chief financial officer of JPMorgan Chase told investors on Friday, as the firm reported that average deposits had fallen 8% from a year ago. Meanwhile: https://www.chase.com/personal/savings/savings-account/interest-rates https://www.chase.com/personal/savings/savings-account/inter... 0.01% interest rate They're still better off keeping rates low and shafting the 92% of customers who stayed behind. I think too many people are permanently un-savvy for the market to ever truly be competitive.

nsteel 3y ago
Chase recently started operating in the UK and their rates are really good here. And they'll have to stay that way if they want any customers, their other incentives have slowly but surely been worsening (cashback, referrals).
- theRealMe 3y ago
  The cynical part of me hears this and assumes that they’re intentionally offering better-than-average rates in a new market to establish a base of customers, and then slowly pull back the competitiveness once they’re established.
  - hsjqllzlfkf 3y ago
    [dead]
  - nsteel 3y ago
    I also think that's what they've done but they'll have to keep the good rates as it's really easy to switch banks over here. EDIT: actually, they just sent me an email saying the current account interest will soon be 1%, that's very good for a current account. The saver is still at 3.1%
acchow 3y ago
In Canadian telecom, when you call Rogers or Bell to cancel your cell phone plan they transfer you to a retentions' department who will offer you a special rate to retain your business. I wonder if banks will do the same. From a profit perspective, having the same price for all customers sounds inefficient.
- commoner 3y ago
  In the U.S., customer service agents sometimes give a rentention offer when you ask to close a credit card account, especially if it has an annual fee. They may waive or reduce the annual fee if you agree to keep the account open, or give a statement credit or some other reward if you spend a certain amount of money on the card. These offers are more common when you spend more money on the card.
- joezydeco 3y ago
  Yeah, that's not going to happen any time soon. I recently settled the estate of a deceased family member and moved some very large amounts of money through my JPMC accounts. As in, orders of magnitude larger than I normally deposit. Did it trigger any flag from their sales department to maybe ask if I was interested in investing it with them, or moving it to a CD or money market account? Nope. It was in and out and nary a peep was heard from them the entire time.
  - hypothesis 3y ago
    > As in, orders of magnitude larger than I normally deposit. > It was in and out and nary a peep was heard from them the entire time. It could be a blessing in disguise, as they could have instead put a hold on transactions and forcing you to show up in a branch in person to unblock it. Because their ML systems told so.
    - joezydeco 3y ago
      Fedwire transfers usually don't get held up by their fraud detection systems. That can be an advantage at times and a disadvantage at others.
x3sphere 3y ago
Hmm, but when I log on Chase they are often advertising the JPMorgan side which offers 4% on cash. So… they are offering high rates, but seem to be keeping it only to specific segments at the moment. I guess most people that use the regular checking accounts just don’t care or maybe don’t leave much money there.
- WWLink 3y ago
  Don't you need to have like >$100k to use those?
apple4ever 3y ago
Exactly why I switched from my bank. Ridiculous low interest rates like that to high ones with newer banks.

nsteel 3y ago

Chase recently started operating in the UK and their rates are really good here. And they'll have to stay that way if they want any customers, their other incentives have slowly but surely been worsening (cashback, referrals).

theRealMe 3y ago
The cynical part of me hears this and assumes that they’re intentionally offering better-than-average rates in a new market to establish a base of customers, and then slowly pull back the competitiveness once they’re established.
- hsjqllzlfkf 3y ago
  [dead]
- nsteel 3y ago
  I also think that's what they've done but they'll have to keep the good rates as it's really easy to switch banks over here. EDIT: actually, they just sent me an email saying the current account interest will soon be 1%, that's very good for a current account. The saver is still at 3.1%

acchow 3y ago

In Canadian telecom, when you call Rogers or Bell to cancel your cell phone plan they transfer you to a retentions' department who will offer you a special rate to retain your business. I wonder if banks will do the same. From a profit perspective, having the same price for all customers sounds inefficient.

commoner 3y ago
In the U.S., customer service agents sometimes give a rentention offer when you ask to close a credit card account, especially if it has an annual fee. They may waive or reduce the annual fee if you agree to keep the account open, or give a statement credit or some other reward if you spend a certain amount of money on the card. These offers are more common when you spend more money on the card.
joezydeco 3y ago
Yeah, that's not going to happen any time soon. I recently settled the estate of a deceased family member and moved some very large amounts of money through my JPMC accounts. As in, orders of magnitude larger than I normally deposit. Did it trigger any flag from their sales department to maybe ask if I was interested in investing it with them, or moving it to a CD or money market account? Nope. It was in and out and nary a peep was heard from them the entire time.
- hypothesis 3y ago
  > As in, orders of magnitude larger than I normally deposit. > It was in and out and nary a peep was heard from them the entire time. It could be a blessing in disguise, as they could have instead put a hold on transactions and forcing you to show up in a branch in person to unblock it. Because their ML systems told so.
  - joezydeco 3y ago
    Fedwire transfers usually don't get held up by their fraud detection systems. That can be an advantage at times and a disadvantage at others.

x3sphere 3y ago

Hmm, but when I log on Chase they are often advertising the JPMorgan side which offers 4% on cash. So… they are offering high rates, but seem to be keeping it only to specific segments at the moment. I guess most people that use the regular checking accounts just don’t care or maybe don’t leave much money there.

WWLink 3y ago
Don't you need to have like >$100k to use those?

apple4ever 3y ago

Exactly why I switched from my bank. Ridiculous low interest rates like that to high ones with newer banks.