Banks no longer posting deposit rates?

[George2615]

Not only did my bank stop posting it, they took the black board that the rates were posted on, down off the wall.

I wonder what they would do if we all took our savings out and put it in the gun safe? We wouldn't loose much interest doing that!

bigtiller may be right
I think banks are just ripping us off like everyone else.
Less than 1% interest earned on your savings accounts.
No interest or low interest paid on checking accts.
Over 9% interest charged if you borrow money.
Bank started charging me a $4.00 a month fee for mailing me a printed statement on each Checking and savings acct. These were supposed to be free, no fee accts. as long as I had direct deposit. I had to sign up online to avoid the fees.

 

[sal64]

i think discover bank is still paying 1% on a 1yr cd.

 

[treman]

My credit union offers, while not very good, better rates than any bank in the area. To think that they keep all your cash and you get nothing in return.

 

[schoolsout]

Any of y 'all ever look into what banks can do with your demand account (checking account?)

Check out "sweeps"

Interesting, the games the banks can play with money that isn't theirs...and they have the full blessings and permission of the government. And people wonder why our country is going down the shi++er...

 

[grsthegreat]

Thats cause the number 0.005% is so low their printers cant print past the 2nd decimal.... and it looks like their only offering 0.00%


so they dont post....... Geesh

it used to be a person could live on the interest of $1,000,000 in the bank... not anymore. At 1/4% thats like $2,500 in interest why bother.

 

[ultrarunner]

It used to be a person could live on the interest of $1,000,000 in the bank... not anymore. At 1/4% thats like $2,500 in interest why bother.

Well, if I every have that problem... I will let you know.

There was a time that kind of money would have generated $150k in interest and now it $2.5K???

In all seriousness... with account fees for paper statements and check images or low balance offset by a few cents of earned interest each month... the banks have found another income stream to mine.

Forgot that today is a Bank Holiday... it wasn't for me.

Anyway... going to move the Wells account to the Credit Union in the morning.

I mentioned the non-existent interest rates in the lunch room today and at least half said I had misread my statement... till they did math and saw the interest is really 0.04.

What ever happened to the Savings and Loans?

They always offered a better deal from my perspective and seems they don't exist anymore.

How about legislation requiring banks to provide advance notification to depositors of pending rate cuts?

Another favorite is how you can sign up for one account and later find out that account is no longer offered or the features diminished.

 

[grsthegreat]

ya, its all a game. I set up a special linked account at one bank. If i place $50,000 in a high yield account i could earn 3.8% interest ONLY if i make 12 atm point of sales and 1 auto deposit or withdrawal per month. It has a linked savings account that will allow 1.5% interest on up to 50,000 additional deposited.


So i set up both accounts to max deposit and it all works out well...but if you forget to make the 12 withdrawals (which i did forget last month) the interest drops to 0.05% for that month on both accounts. i was pissed off. why do they make this such a game.

id throw it all in a cd... but there only earning 1/2 a percent... at best .. if i keep it there 4 years. no way

 

[ultrarunner]

It's worse than I thought...

https://www.wellsfargo.com/savings_cds/rates

 

[JB4310]

Pretty depressing thread, no offense to the OP but I have nothing else to offer. Read all the posts and am trying to figure out the master plan but so far coming up blank.

JB

 

[chopped]

Guess I should be glad i had a couple of cds in the 4.5 percent .. but they will ''mature' in the next year. (then whatlol).
However in 1979 i deposited 10 000 dollars into a 6 month cd and it paid out 13 percent interest.. Those days are sure gone. I dont think the rates will ever recover.