Loading…
27
I was reading a review of a high-yield savings account and the math on fees shocked me
I was looking at a review for a popular online bank's savings product last night. The reviewer did a full breakdown of a $10 monthly 'maintenance fee' if your balance drops below a certain point. Over a year, that's $120 gone, which would completely wipe out the interest earned on a $5,000 balance at their advertised rate. I never really stopped to add it up like that before. Has anyone else found a solid account that doesn't have these kinds of hidden traps?
3 comments
Log in to join the discussion
Log In3 Comments
taylor_barnes595mo ago
Yeah, I switched to a credit union for that exact reason. Their basic savings account has no monthly fees at all, no minimum balance. The interest isn't amazing but at least it's not getting eaten up.
2
nancy35mo ago
Actually most credit unions do pay interest on savings, it's just usually a bit lower than online banks.
9
logansullivan2mo ago
Oh man, SAME! I switched to a local credit union a few years back and it was honestly the BEST decision. Yeah the interest is basically nonexistent but not getting hit with random fees every other month makes SUCH a difference.
8