We don’t think anything paying a pathetic 0.10% should be promoted as a “high-yield” savings, checking or money market account.
Yet lots of banks and credit unions are doing that as they cut rates to virtually nothing on accounts that haven’t lived up to their name for months — if they ever did.
We’re talking about you, Franklin National Bank in Minneapolis, and your “Franklin High Yield Savings Account” that pays 0.10% on deposits up to $50,000 before soaring to 0.13% for balances from $50,000 to $200,000.
And you, First National Bank Texas, and your “High Yield Checking Account” (0.10% on balances up to $10,000).
And you, Members First Credit Union in Manchester, N.H., and your “Cash Multiplier High Yield Savings” (0.10% on balances of $1000 to $5,000. Below $1,000, you earn a big fat 0%.)
And you, Wainwright Bank & Trust in Boston, and your “High Yield MMDA” (0.10% on balances up to $25,000.)
We aren’t fooled.
Loading ...
Add New Comment