Let’s face it. Rates really suck right now.
It’s hard to get excited about building a nest egg when even the most lucrative CDs, savings and money market accounts are only offering 2% or 3%.
But maybe you’ll be able to whip up a little more enthusiasm after seeing our pick for the worst rate of the week.
JPMorgan Chase Bank, take a bow.
As you can see, Chase Money Market Savings is paying 0.01%.
Drop $10,000 into your MMA, let the interest compound daily, and a year from now you’ll walk away with $10,001.
If you have a “relationship” with Chase — which means you also have an active checking or credit card account — the interest rate doubles to 0.02% and your balance would grow to $10,002.
What kind of a relationship is that? Disfunctional, we’d say.
And it gets worse.
The minimum deposit is a mere $25 but if you don’t maintain a balance of $1,500 (or have a checking account) you’re hit with a service fee of $12 per month.
Some unwary customer could put $1,000 into this MMA and find they only have $988 a month later.
Makes those 2% to 3% returns from places like Charter Bank, AmericaNet, ADB Bank and Beverly National Bank look a little better, eh?
(7 votes, average: 4.29 out of 5)
Loading ...
Add New Comment