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Customers Bank Max Down To 3.91% APY

midas89
  |     |   959 posts since 2017

Customers Bank Max Savings Account is down to 3.91% APY. It was 4.01% APY.

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3
ichaelm
  |     |   454 posts since 2010
It's hard to believe that less than 6 months ago, this account was paying 5.41%.

Midas89, I thought of 2 banks where your cousin could open savings accounts that won't cut their interest rates regardless of what happens with the economy: BOA and Chase!! They both pay 0.01%. If she deposits $10k into her account, after one year, she would earn $1 in interest!!
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fdic
  |     |   248 posts since 2022
thanks too long
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midas89
  |     |   959 posts since 2017
@ichaelm First, I laughed, thank you for that. Second, I can do one better than your suggestions. Check out what savings account rate the following bank is offering for their savings account: https://www.associatedbank.com/personal/savings-and-investing/savings-accounts/associated-savings-account

With this savings account no one would ever have to worry about what the Fed does or doesn't do with rates.
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ichaelm
  |     |   454 posts since 2010
WOW!  "An account for our customers who do not wish to earn interest on deposit products" And they even charge you a maintenance fee if your balance is less than $300!! Well, let's not forget that until 2022 in Switzerland and Denmark, and until 2023 in Japan, those 3 countries all had negative interest rates!
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IGR
  |     |   573 posts since 2020
Forget about Max.
CB Standalone High Yield Savings Account is 3.25% APR, Unadjusted High Yield as it goes.
Whoever wants to know the rate unadjusted , has to monitor it daily. Short time ago IGR made it the point of the concern.
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enduser
  |     |   704 posts since 2015
Something funky is going on with Customer bank as T-Mobile Money will now transition to Coastal Community Bank instead effective 01 April. T-Mobile money customers must authorize the change by 18 March. If change not approved, T-Mobile money states that account will be closed and a check will be sent to the address on record.
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ichaelm
  |     |   454 posts since 2010
That's interesting. Coastal Community Bank is the same bank which fintech Evergreen Wealth uses. I wonder if Evergreen is severing its relationship with Coastal Community.
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jph224
  |     |   2 posts since 2019
CB Yield Shield is tied to Fed Funds and is currently paying 4.23% APY. Seems like best option.
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midas89
  |     |   959 posts since 2017
@jph224 I agree with you that Yield Shield is the better option over Max, even though it could be considered disappointing that there has to be $25,000 minimum in the account in order to continue to get the current 4.23% APY.
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