Wednesday, September 29, 2010 - 4:12 PM
Rates Just Lowered To 3.01Danversbank
Quick review: Bad phone hours, but the people are very friendly and helpful. Web site stinks, but the security is robust. Private email service is equally antiquated, but the separate service provides some much appreciated confidentiality.
It's unfortunate, but true. Don't know if I'll jump ship - since I just boarded... Here's the email, titled: "Notice of Rate Change on Free Rewards Checking"
Effective Monday, October 4th, the Rewards Rate APY on our Free Rewards Checking account will be 3.01% -- still one of the best returns around!
We know how much you love your Free Rewards Checking, and we have some pretty high expectations about how you'll manage your account (i.e., the four qualifications) -- so it only seems fair that we fill you in on how we're managing it. We've kept the rate constant for two and a half years, during a time when interest rates have been at historic lows. Now the time has come to close that gap a little bit, by lowering the rate to something still pretty phenomenal. We're proud to say that in the nearly four years since Free Rewards Checking was introduced, this is only our second rate decrease.
Thank you for your continued relationship and for recommending Danversbank and Free Rewards Checking to family and friends who know a good deal when they see one!
If you have any questions, don't hesitate to contact our Customer Support Center at 1-800-771-8200, option 1.
2 posts since
Jul 29, 2010
Rep Points: 11
1. Wednesday, September 29, 2010 - 5:29 PM
This week has been a blood bath for CD and reward checking interest rates. When are the banks going to realize that folks are not going to want to go to the effort of using a reward checking account if the rate drops to the point where it makes more sense just to lock into the highest paying CD or another investment vehicle.
13 posts since
Sep 29, 2010
Rep Points: 76
2. Wednesday, September 29, 2010 - 7:11 PM
1. DBK drops rate.
2. Verizon starts charging credit/debit card transactions in 1-2 months.
3. FIA/BofA terminates BillPay with credit cards.
4. Charles Swarb terminates its 2% BofA credit card.
etc., etc., etc.
The financial sky is gradually falling.
The DBK news is old. I have planned ahead and am in the process of rate-hopping.
I do not like the patronizing tone of all these banks when they dropped rate significantly (even though they dropped the rate only twice, but the first time was 2% from 6.01% to 4.01% and now from 4.01% to 3.01%; so nothing to write home about!); why not just say: We no longer can afford this rate and have to bail out of the competitive RCA market.
1,030 posts since
Jan 16, 2010
Rep Points: 4,711