This Wall Street Journal article
describes a condition that we know all too well:
Those high-yield online bank accounts are getting stingier.
With rates so low, it's hard to find a reason to open a new internet savings account, and as the article describes, this presents a new challenge to internet banks:
The shrinking gap between rates means providers of online accounts will have more trouble luring customers away from traditional institutions, experts say. Ron Shevlin, a senior analyst at Boston-based consulting firm Aite Group, says consumers typically won't move their money to a higher-paying account unless there is a difference of at least two percentage points.
What does an internet savings account have to offer for you to open a new account?