I heart the copywriter who put, on their comparison chart for savings account fees, quote: "Why would you even?"https://twitter.com/alexisohanian/status/1057884023995781120 …
You can add location information to your Tweets, such as your city or precise location, from the web and via third-party applications. You always have the option to delete your Tweet location history. Learn more
But you can't be a bank and not offer savings accounts (a combination of "It's just not done!" and the very real risk of your regulator saying "Oh no, #%'(# that. You LITERALLY cannot be a bank without offering savings accounts.") So the banks try to attrition the accounts away.
"So does that leave options for smaller, nimbler, savvier banks to swoop in and revitalize the product category?" Wellllllll see a thing about financial services: if your hypothesis for your business working is "I bet bankers are bad at math" life going to be pretty rough.
You've got really, really tight margins to work in, very high fixed costs, and (if you're an upstart) probably less ability to cross-sell products with more favorable margins than small savings accounts.
"How did they become the largest mortgate-issuer in America?" Pre-2009: Free checking and savings accounts. Post-2009: They bought the banks which won customers with free checking and savings accounts.
Isn't that a very short term perspective? Pretty much all of us start out as unprofitable customers but down the road a lot of us turn into profitable customers with loans and mortgages and what have we. And there is a certain amount of stickiness to banking.
The trick I've seen credit unions use is to offer a higher interest rate on checking than on savings provided the direct deposit and/or debit card swipe requirements are met.
Twitter may be over capacity or experiencing a momentary hiccup. Try again or visit Twitter Status for more information.