[HN Gopher] US savers get savvy ditching and switching banks
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       US savers get savvy ditching and switching banks
        
       Author : rntn
       Score  : 20 points
       Date   : 2023-04-16 19:49 UTC (3 hours ago)
        
 (HTM) web link (www.bbc.com)
 (TXT) w3m dump (www.bbc.com)
        
       | overthrow wrote:
       | > "It's a competitive market," Jeremy Barnum, chief financial
       | officer of JPMorgan Chase told investors on Friday, as the firm
       | reported that average deposits had fallen 8% from a year ago.
       | 
       | Meanwhile:
       | 
       | https://www.chase.com/personal/savings/savings-account/inter...
       | 
       | 0.01% interest rate
       | 
       | They're still better off keeping rates low and shafting the 92%
       | of customers who stayed behind. I think too many people are
       | permanently un-savvy for the market to ever truly be competitive.
        
         | nsteel wrote:
         | Chase recently started operating in the UK and their rates are
         | really good here. And they'll have to stay that way if they
         | want any customers, their other incentives have slowly but
         | surely been worsening (cashback, referrals).
        
         | acchow wrote:
         | In Canadian telecom, when you call Rogers or Bell to cancel
         | your cell phone plan they transfer you to a retentions'
         | department who will offer you a special rate to retain your
         | business.
         | 
         | I wonder if banks will do the same. From a profit perspective,
         | having the same price for all customers sounds inefficient.
        
           | commoner wrote:
           | In the U.S., customer service agents sometimes give a
           | rentention offer when you ask to close a credit card account,
           | especially if it has an annual fee. They may waive or reduce
           | the annual fee if you agree to keep the account open, or give
           | a statement credit or some other reward if you spend a
           | certain amount of money on the card. These offers are more
           | common when you spend more money on the card.
        
       | sergiomattei wrote:
       | What's the most competitive HYSA rate at the moment?
        
       | prepend wrote:
       | It's weird as I remember banks dropping immediately when rates
       | dropped and I'm still sitting on rates of 0.01% and whatnot. I'm
       | not sure why it is as there must be some calculus that banks are
       | doing to keep rates low. My credit union also hasn't raised their
       | rates either even though the fed went from 0 to 4%.
       | 
       | It's even surprising for previously "high yield" that dropped
       | their rates when rates went down and didn't raise them. I had an
       | ING account from years ago that is at 1%. They offer a "high
       | yield" version but require me to close my account and reopen it
       | to get the new rate.
       | 
       | I think they just figure enough people won't care and are better
       | off hosing the majority of customers.
        
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       (page generated 2023-04-16 23:01 UTC)