If you haven’t read our previous article on a new high yield savings account option with no minimums, high interest rate, and plenty of FDIC insurance, I recommend you read it here:
I promised to keep you updated on anything I found that seemed strange or hinky.
Well it wasn’t but one week after I opened my account and funding it initially that I got an email that my interest rate had been reduced. The APR went from 2.32% to 2.07%. The explanation, of course, was that interest rates have gone down, and they needed to follow suit.
That totally makes sense, and I don’t begrudge the fact that when interest rates go down they need to reduce interest rates on savings. I assume that when interest rates go up, that they will also share in those increases with their clients.
It’s always nice to know what’s possible to have happen and match my expectations with reality going forward. I think 2.07% is still a pretty good deal for no minimums, and full and complete liquidity to withdraw whenever I want.
Do you agree?
if you have any questions please feel free to contact me.