bank rates

Big Banks Pay Nothing For Savings

It’s come to this: The biggest banks are literally paying nothing for our savings.

Or at least nothing for the money we put in our savings accounts.

Here’s the return the four largest banks are now paying on their regular savings accounts:

Big Banks Pay Nothing For SavingsBank of America: 0.10% APY on all balances

Wells Fargo: 0.05% on balances up to $25,000

Citi: 0.25% with a $500 minimum balance

JPMorgan Chase: 0.01% all balances

That’s the unfortunate but entirely predictable result of Washington’s effort to save the banks — especially the big banks — from their irresponsible lending by providing all of the free money they could possibly want.

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Comments (3)
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3 Existing Comments
  1. Rudolf Schmidt said:
    on January 10th at 05:11 pm

    And with the various fees they’ll charge many of us, they’ll actually be making money off of our savings.

  2. Zach said:
    on January 13th at 03:11 am

    All I can say is I have taken Bank Promotions from all of the above and then closed my accounts. In my opinion they are all bad banks, JPM in my experience of dozens, is by far the worst. I voluntarily told them as much too at closing.

    On that note, I have been a long time customer and fan of HSBCdirect. currently their high yield savings is 1.35% and before this recession still had top marks among banks. Their online payment account (checking) with debit, pays .85% (still a yield). Oh and when I was going abroad I told them I was opening a Capital One MMA who wouldn’t charge foreign fee’s like their credit card…HSBC matched COne and gave me 6 cash withdrawals a month no penalty. Just my opinion guys.

  3. REH12 said:
    on March 10th at 10:12 am

    i switched to a local credit union and got a much better array of services and interest rates. I dumped WaMU and have spurned the big banks since. You can’t trust them. Contracts are meqaningless to to them and their lawyers. Be smart, look into credit unions. A plus, they actually lend money in your community.