There have been higher-yielding options for retail for at least 25 years now but I think mobile banking substantially changes the game, because there was previously some friction in getting money in and getting it out, and now it’s single digit taps on your always-on computer.
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I wonder who decides to give this away (to the extent that regulators will let them)? Maybe Wealthfront? Capital One, Marcus (Goldman Sachs), Ally, Amex, and at least a few others all have options here, but Wealthfront and maybe Robinhood seem to be indifferent to net interest.
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I'm not sure if you can call the competition all that brutal when the largest banks (Chage, BofA, etc) haven't raised interest rates on checking accounts from ~0.
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They are not playing this game at all.
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This would make a fun agent-based simulation

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Oooh that would be a good, and relatively simple, one to model. You could do the toy version without the interesting numbers and then tell people that they can datamine up the interesting numbers (propensities) and you'll predict the future under various strategies.
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Good, maybe me ditching US Bank over their hefty ICE contract will mean slightly more than nothing
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Intriguing. In Poland the banks do not want your deposits. They will actively discourage you from giving them money. The more you offer, the smaller the interest. Banks mostly became pass-through sellers of non-guaranteed "investment fund" services.
Thanks. Twitter will use this to make your timeline better. UndoUndo
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When xaction costs (time) goes to zero, and information is easily available there could be a real market for retail banking
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I’m an old fart, and *I* just moved money into a higher rate savings acct in 5 mins yesterday. And I’ll move it again if it makes sense
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