![]() Unfortunately loyalty doesn't equal higher interest rates.Īs others have said Capital One was on the low end at one point as well. In your case you're lucky to have a local Capital One. They handle my major loans and mortgages, cashier checks,investments etc.they can give me that one on one. Both offer way higher interest rates so for 90% of my banking they handle my needs but for the other 10% I have a couple of accounts with national banks, Wells and BoA. But yes I do keep some funds with Capital One and I have a few of their credit cards and I and keep some funds with Goldman Sachs version of online banking called Marcus. So if I ever needed an in person service like a cashiers check etc I wouldn't be able to get it without some hassle. Unfortunately Capital One is nowhere near me.I would have to drive some hours to get to a branch. So a tradeoff for lower interest is having a physically branch nearby. That's because they don't have to maintain all of those branches and property leases, employees etc. Your online focused banks all have WAY better rates than your traditionally national brick and mortar banks. I understand your frustration but I wouldn't call them a horrible bank because of low interest rates. Don't stick with 1% at C1 forever, it'll almost certainly go back up again within 3 years. Some may even offer you an extra couple hundred just for transferring money to them. My recommendation would be to shop around online again once the economy picks up, and see if other banks offer something better. Discover and Amex also had savings accounts with 2% before the economic downturn. A lot of the big name banks (BOA, Wells Fargo, Chase, etc) don't offer a great rate because they rely on their brand name and sheer size.įor example, I had a simple bank account offering 2%, which recently got lowered along with the interest rates across the country. Capital One competes with a few other "newer" and online banks, who tend to offer higher rates. I'm just saying Capital One giving 1% isn't a sign of loyalty or anything. From making fake accounts to fees and bad rates, it's a bad bank. Good for Wells Fargo to be there for people in rural Idaho, but I don't need to be essentially paying for Wells Fargo's overhead because of this.ĭon't get me wrong, Wells Fargo sucks, and no one should bank with them. Since I live minutes away from a Capital One physical branch, this has little bearing. UPDATE: I have learned that Capital One can offer such rates because they have far less physical branches and mostly operate online with far less overhead. And you're an absolute sucker if you bank with them. So apparently Wells Fargo screws over their customers to absolutely no end. ![]() Again, they looked at me like I was crazy for even asking. I also asked if after a year of the interest rate they offer, if they'd drop me down to something like 0.02% - like Wells Fargo does. When I went to these banks and told them Wells Fargo offers me a max of 0.03% yield, they looked at me like my friend did a year ago - astonished. One percent! We're talking 50x more than Wells Fargo is offering me, a 17 year loyal customer. I walk across the street to another bank that was offering 0.25%, another 0.44%, and finally I found Capital One that offers a full 1.00%. She told me there is absolutely nothing she can do and interest rates are very low. I went to the branch and had a sit-down meeting with a banker. I noticed on my June 2020 statement that I was indeed back at 0.02%. Although he also told me I'd have to come back in a year because it will drop back down to 0.02%. So I went to Wells Fargo the next day and the banking supervisor sat me down and moved me into a higher yield savings account. Call me stupid, that's fine, but I never looked into what interest rates should be. I was at 0.02% with Wells Fargo and he looked at me like I was crazy. We were discussing interest rates on our savings accounts. A little over a year ago I was talking to my friend who has another bank. I currently have $90,000 in a savings account with them. I have been with Wells Fargo for 17 years.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |