3 ms·
This sounds like a feel good historical take, not a recent change. And as the largest retail banks offer zero interest, it doesn’t quite mesh with that narrati
by mint2 3y ago
This sounds like a feel good historical take, not a recent change.
And as the largest retail banks offer zero interest, it doesn’t quite mesh with that narrative.
- lotsofpulp 3y agoTechnically, Chase offers 4.2% for FDIC insured savings accounts and BoA offers 4.76%. The caveat is you have to deposit $100k first (you can draw down and deposit more anytime after that and maintain the account even with just $1). https://www.jpmorgan.com/wealth-management/premium-deposit https://www.jpmorgan.com/wealth-management/premium-deposit https://olui2.fs.ml.com/Publish/Content/application/pdf/GWMOL/ICCRateSheet.pdf https://olui2.fs.ml.com/Publish/Content/application/pdf/GWMO...
- mint2 3y agoInteresting, that’s not typical product though
- lotsofpulp 3y agoI would recommend these at 4.95% and 4.6%: https://www.cit.com/cit-bank/platinum-savings https://www.cit.com/cit-bank/platinum-savings https://www.cit.com/cit-bank/bank/savings/savings-connect-account https://www.cit.com/cit-bank/bank/savings/savings-connect-ac... CIT is a subsidiary of First Citizens, which is 19th on the list of US banks on Wikipedia.
- wonnage 3y ago> And as the largest retail banks offer zero interest, it doesn’t quite mesh with that narrative. The point is that large banks have a win-win right now - higher rates make it easier for them to make money, but the fact that people were spooked by regional bank failures means that they don't need to turn around and offer higher rates to attract deposits.