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You're getting downvoted, but I don't think it's fair. Sure, there are many places you can get a high interest rate, but it's also true that the baseline saving

by astura 2y ago

You're getting downvoted, but I don't think it's fair. Sure, there are many places you can get a high interest rate, but it's also true that the baseline savings accounts for most major banks aren't paying high interest. Proof: https://www.bankofamerica.com/deposits/bank-account-interest-rates/ https://www.bankofamerica.com/deposits/bank-account-interest... https://www.chase.com/personal/savings/interest-savings/interest-rates https://www.chase.com/personal/savings/interest-savings/inte... https://www.wellsfargo.com/savings-cds/rates/ https://www.wellsfargo.com/savings-cds/rates/ https://www.navyfederal.org/checking-savings/savings/savings-resources/savings-rates.html https://www.navyfederal.org/checking-savings/savings/savings... https://www.citi.com/banking/current-interest-rates/savings-accounts https://www.citi.com/banking/current-interest-rates/savings-... Discover (high interest) even does a comparison on their site comparing their interest rates to other major banks https://www.discover.com/online-banking/savings-account/ https://www.discover.com/online-banking/savings-account/ So the average person who goes to the Wells Fargo down the street and says "give me a savings account" is getting minuscule interest.

mint2 2y ago
Since the company the article is about is a new fintech, I’d say users should be comparing to online banks and not the old guard retail banks. I.e. Marcus, Amex, citizen access, etc. note those are tied to very reputable businesses too. Then there’s the hundred or more high yield online banks that are more unknown like live oak bank and others. Choosing either of those two group to compare to, which since gotta was an unknown online bank seems far more appropriate than a legacy retail bank, and yotta’s interest rate is bad.
- astura 2y ago
  For fucks sake, Nobody's comparing anything, I'm just replying to a guy who said "Most major banks did not offer such a rate in a generic mass market liquid savings product." Just because there exists a few places you can get such interest rates doesn't make that an untrue statement.

by astura 2y ago

mint2 2y ago

Since the company the article is about is a new fintech, I’d say users should be comparing to online banks and not the old guard retail banks. I.e. Marcus, Amex, citizen access, etc. note those are tied to very reputable businesses too. Then there’s the hundred or more high yield online banks that are more unknown like live oak bank and others. Choosing either of those two group to compare to, which since gotta was an unknown online bank seems far more appropriate than a legacy retail bank, and yotta’s interest rate is bad.

astura 2y ago
For fucks sake, Nobody's comparing anything, I'm just replying to a guy who said "Most major banks did not offer such a rate in a generic mass market liquid savings product." Just because there exists a few places you can get such interest rates doesn't make that an untrue statement.