Just found out my bank was paying 0.01% interest while their online savings account pays 4.25%

I was looking at my old savings account statement from my main bank yesterday. I've had that account for about five years. The interest rate was only 0.01%, which is basically nothing. I did a quick search and saw the same bank offers an online-only savings account with a 4.25% rate right now. That's a huge difference for the same money just sitting there. I moved $5,000 over immediately. Has anyone else found a better rate hiding at their own bank?

3 comments

3 Comments

charles_mitchell19d agoMost Upvoted

Man that is so frustrating! It feels like they're just hoping you never notice. Good on you for checking and moving that money, that's a serious difference. I swear they make the good rates impossible to find on purpose. Makes you wonder how much people lose by not looking.

henryp4019d ago

Honestly that's just how banks work lol. They're not gonna give you the good rate unless you go find it yourself. At least you caught it now.

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charles_mitchell19d agoMost Upvoted

Yeah it's wild how you have to do your own homework. I just called my bank and straight up asked if they could match a lower rate I found online. They said no at first, but after I told them I was ready to move my money to another bank, they suddenly found a "special offer" for me. Took like three calls but it worked.