Wednesday, October 5, 2011 - 6:44 AM

Banks Marketing 1% APR Bank Accounts As "High-Yield"

Considering how "high-yield" savings accounts used to give returns of 4-5%, Phil thinks it's a bit disingenuous for banks to continue marketing them as such when the rates are only 1%.

Banks Marketing 1% APR Bank Accounts As "High-Yield" - The Consumerist

Shorebreak1,313 posts since
Apr 6, 2010
Rep Points: 4,961

1. Wednesday, October 5, 2011 - 8:13 AM

If you think that it's disingenuous for banks to call accounts with rates around 1% "high yield," what about the nerve that Charles Schwab Bank has in continuing to call an account with an APY of 0.20% "High Yield Investor Checking"! And that account has been down way below 1% since May 2009!

Wil183 posts since
Feb 26, 2010
Rep Points: 932