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Are you getting CHEATED by your bank?! #money #bank #savingtips #savings
In the fast-paced world we live in today, money management is of utmost importance. We work hard to earn our money, so it’s only fair that we expect our banks to handle it with care. But are they really doing so, or are we being cheated by them?
It’s a shocking reality that many people are not aware of the various charges and hidden fees that their banks impose on them. These charges can quickly eat into your hard-earned savings, leaving you feeling cheated and frustrated. So, it’s time to take a closer look and educate ourselves about these practices.
One of the most common ways banks deceive their customers is through non-transparent fees. They might advertise an enticing interest rate on a savings account, only to hit you with maintenance fees, withdrawal fees, and other hidden charges later on. This can significantly reduce the overall return on your savings and leave you perplexed as to why your money isn’t growing as expected.
Another area where banks often take advantage of their customers is in the lending department. For instance, you may have seen ads promoting low-interest rates on personal loans or credit cards, only to find out that the rates quoted are applicable for a select few and subject to numerous conditions. The reality may be that you end up paying exorbitant interest rates, sometimes without even realizing it until it’s too late.
Furthermore, banks are known to employ complex language and jargon in their terms and conditions, making it difficult for the average consumer to understand the fine print. This lack of transparency can lead to confusion and misunderstandings, leaving you at the mercy of the bank’s policies.
So how can you protect yourself from being cheated by your bank? Here are a few tips to keep in mind:
1. Read the fine print: Before signing up for any banking product or service, carefully read the terms and conditions. Pay attention to the fees, charges, and anything that might affect your savings.
2. Compare banks and products: Don’t settle for the first bank you come across. Shop around, compare interest rates, fees, and benefits offered by different banks. This will help you make an informed decision and ensure you’re getting the best deal.
3. Stay informed: Keep yourself up to date with the latest changes in banking regulations and policies. Subscribe to financial newsletters or follow trusted financial institutions on social media to stay informed about any potential changes that might affect your savings.
4. Review your accounts regularly: Periodically review your bank statements to identify any suspicious charges or fees. If you notice anything out of the ordinary, contact your bank to get clarification immediately.
Remember, your money matters, and it deserves to be treated with respect. Don’t let your hard-earned savings be undermined by misleading practices or hidden charges. Educate yourself, be vigilant, and hold your bank accountable for their actions.
How safe are these accounts
I switched my bank to capital one from Wells Fargo. What won me over was their savings account offering 4.30% apy, solid return for just having them hold my money
Ally is phenomenal. They even have "buckets" so you can keep your money in one account but see it divided between things like emergency amount, vacation fund, etc.
I'm using Ally money market account as a savings account and it's at 4% rn
Don’t forget about VMFXX if you’re a vanguard gal. Annual SEC yield of 5.04% with a 0.1% expense ration. Pretty prettyyyy prettyyy good (says in Larry David voice).
Yo capitol one has a 4.00% apy savings account… much better then sofi
What bout taxes
Are they also covered by FDIC?
How about CD acccounts?
What about Weathfront which has a 4.55% APY?
What about inflation and taxes you have to pay
Yes, but inflation is much higher than that interest
3.8% rn with ally
T-Mobile customers can use T-mobile money online banking and get up to 4% APY on up to $3k (when you use your debit card to make any 10 transactions a month of any dollar amount) and 2.50% on any quantity after that with no minimum transactions required. Let’s say you have the $3K in there and don’t make the 10 minimum transactions to activate 4% APY, you still get 2.50%, so it’s still a win. It’s a completely free banking that benefits T-mobile users.
How safe are these since they have no open locations
Just for people's awareness ally is GAMC bank. They just rebranded on the government's order to raise capital. They are still owned by General Motors.
Two errors here. 1) savings accounts are only insured for first 250k. And while it is likely you’d be bailed out. It is not guaranteed and high yield accounts tend to exist at leas trust worthy banks. 2) you can get nearly the same interest in a money market fund with less risk.
Do we use these for compound interesting? They’re banks right? So I have to sign up with them instead of one in person
Is it free to open a savings account with the other banks you mentioned?
Beware of chasing yield, especially when the banking system is in crisis.
Do these online bank high yield savings accounts have FDIC Deposit Insurance?