[fdye]

Honestly, I feel like this is another bi-product of 0% interest rates for so long. Bankers have essentially stopped caring at all about deposit amounts. Many banks still offer 0.x% interest even with most T-bills paying 5%+. It is an odd position from something that should be easy business, receive billions in deposits, invest in 6 month T-bills, carve off 0.5-1% of the profit amount for yourself, profit?

I'm convinced this is less about them actually losing money and more about them having sour grapes about not making 100x or something. Like the credit card is losing money when it is immensely popular and charges like 18% interest, HOW?

[lotsofpulp]

Lots of banks have offered very competitive interest rates for a long time now.

https://www.doctorofcredit.com/high-interest-savings-to-get/

Bigger banks are simply betting that people will not go through the trouble of moving their money.

[Sohcahtoa82]

> Bigger banks are simply betting that people will not go through the trouble of moving their money.

This applies even at smaller banks that don't make savings account their primary product.

Like, my credit union offers 0.1 - 0.9% savings accounts depending on your balance. With a $250,000 balance, you qualify for some Premier savings account with 4.8%.

I said screw it. I created an account somewhere else that gives over 5%. Yeah, it means my money might take a couple days for me to get if it I absolutely need it, but I can't imagine a scenario where that would be a problem that my credit card can't take care of.