Chase sets new low for savings interest rate & fees
I know interest rates on checking accounts, savings accounts, money market accounts, and the like are pretty pathetic these days, but I think Chase may have set a new low with their recent offer of 0.01% interest on a savings account. Given the potential fees, such as a $4 monthly fee if the balance falls below $300, $2 for a non-chase ATM (yes, this is Chase charging you this fee, in addition to what the ATM owner charges), and $3 for each withdrawal after your first free 4 withdrawals in a month.
Here is the story:
It’s getting tougher for U.S. savers to find a bank where they won’t end up paying to keep their money safe.
The average interest paid on savings, checking, money-market and certificate of deposit accounts fell to 0.99 percent in July, the first dip below 1 percent in a decade, according to researcher Market Rates Insight. Banks also have been raising fees and adding new ones, most recently in response to the financial-services overhaul bill that became law July 21.
The result is that an increasing number of savers are seeing their deposit earnings eaten up by charges. That’s frustrating people like Ken Ward, who recently passed on a savings account with a 0.01 percent interest rate at the Chase bank branch near his home in Wantagh, New York.
Fees & charges | admin September 9, 2010
