There is some brutal competition for retail deposits right now and I think the banks are getting sophisticated about balancing interest rates and consumers’ who satisfice versus those who optimize. They can probably afford to lose the latter.
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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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for me personally Bankrate has also been a big changer, you can see the current interest rate at every bank in the country in 1 minute
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All savings accounts give terrible rates, even if some are better. If you care about optimizing, you keep most of your money in better investments, even for cash equivalents. So I don't see the point of competing on interest rates.
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