Found out my bank's savings account was earning 0.01% interest

I was cleaning out old emails last week and saw a statement from my main bank. Their savings account was paying me 0.01% APY. I checked on Bankrate and found online savings accounts offering 4.5% right now. That's basically giving away free money for years. Anyone else realize they've been getting ripped off by their regular bank?

2 comments

2 Comments

nathanh4420d ago

Saw a similar story on Clark Howard's podcast the other day and it blew my mind. People are literally leaving thousands on the table by not moving their cash. I used to be loyal to my big bank too, thinking they were doing me a favor by offering a checking account with no fees. But 0.01% is basically a slap in the face when inflation is eating away at your money. I moved my emergency fund to an online account last year and it's wild seeing actual interest hit each month instead of pennies. The big banks are just betting on customer laziness, and it works lol.

kevin_murray8820d ago

Dang, you're totally right. I was a big bank loyalist too but this changed my mind.