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> But if you utter the correct series of incantations, at least some banks will open a high-yield savings account and pay you 5% or more. You gotta find the rig

> But if you utter the correct series of incantations, at least some banks will open a high-yield savings account and pay you 5% or more. You gotta find the right bank, though, and utter the right incantations. Sometimes it’s tricky Searching the internet for “list of highest interest bank accounts” with the device in your pocket is apparently a tricky incantation. Shopping an entire country’s investment options has never been easier, and still there are complaints.

0cf8612b2e1e 2y ago
Just because it is possible to navigate through the dark patterns does not mean we should be comfortable with the situation. I do not have the time nor expertise in every facet of my life to know if I am getting a raw deal.
- lotsofpulp 2y ago
  So what do you want, the government to mandate every aspect of your life? Obviously, the government should be offering constitutionally protected and inalienable electronic money accounts that pay the same interest the banks get paid. But that is not in the cards right now, so spending a few minutes, or maybe an hour at most reading a couple websites about which bank pays the most is really not much to ask. It’s called shopping, and it’s how a market works. Markets don’t really work if market participants evaluating which sellers are offering better value.
- deleted 2y ago
  [deleted]
TeMPOraL 2y ago
As if interest rate was the only important variable when evaluating bank accounts. Banks have plenty of ways to make money on unaware customers - or rather, to make it expensive in time and effort to avoid losing money on things like transaction fees, account fees, card fees, etc., many of which are waived if you deposit and/or spend the right amount of money in the right order through the right financial instrument in the right cadence. (Not to mention, every bank has a godawful shitty app, and there's some serious opportunity cost in learning how to cope with the new kinds of shittiness of your new bank.)
- Ylpertnodi 2y ago
  >Not to mention, every bank has a godawful shitty app, Well, not my bank. In fact i stopped using a third party app to track my spends. I do appreciate i may have struck gold with this particular app/ bank - and should i wish to change bank i will insist on going thru any new app to give it a fair shot. If it's not up to the quality of what i already have...no dice. I'm not wasting my time/ money tapping away on crap.
- lotsofpulp 2y ago
  It basically is. If you search a list of top bank accounts on a number of websites (like doctorofcredit),you will see very quick and easy breakdowns of fees. Pretty much all the popular online banks with high yield savings are fungible, they all offer free transfers and blah blah, there’s nothing to worry about.

0cf8612b2e1e 2y ago

Just because it is possible to navigate through the dark patterns does not mean we should be comfortable with the situation. I do not have the time nor expertise in every facet of my life to know if I am getting a raw deal.

lotsofpulp 2y ago
So what do you want, the government to mandate every aspect of your life? Obviously, the government should be offering constitutionally protected and inalienable electronic money accounts that pay the same interest the banks get paid. But that is not in the cards right now, so spending a few minutes, or maybe an hour at most reading a couple websites about which bank pays the most is really not much to ask. It’s called shopping, and it’s how a market works. Markets don’t really work if market participants evaluating which sellers are offering better value.
deleted 2y ago
[deleted]

TeMPOraL 2y ago

As if interest rate was the only important variable when evaluating bank accounts. Banks have plenty of ways to make money on unaware customers - or rather, to make it expensive in time and effort to avoid losing money on things like transaction fees, account fees, card fees, etc., many of which are waived if you deposit and/or spend the right amount of money in the right order through the right financial instrument in the right cadence. (Not to mention, every bank has a godawful shitty app, and there's some serious opportunity cost in learning how to cope with the new kinds of shittiness of your new bank.)

Ylpertnodi 2y ago
>Not to mention, every bank has a godawful shitty app, Well, not my bank. In fact i stopped using a third party app to track my spends. I do appreciate i may have struck gold with this particular app/ bank - and should i wish to change bank i will insist on going thru any new app to give it a fair shot. If it's not up to the quality of what i already have...no dice. I'm not wasting my time/ money tapping away on crap.
lotsofpulp 2y ago
It basically is. If you search a list of top bank accounts on a number of websites (like doctorofcredit),you will see very quick and easy breakdowns of fees. Pretty much all the popular online banks with high yield savings are fungible, they all offer free transfers and blah blah, there’s nothing to worry about.