American banks don't rip us off to that degree. They aren't nationalized.
The biggest rip-off in American banking is that narrow banking is effectively illegal (not the banks' fault), but HYSAs are starting to get around that.
An important qualifier! I get the impression that probably 95% of consumer deposits in the US either earn zero interest or some comically low rate like 0.00121% that all of the big banks offer on their savings, Interest Checking, and even "money market" accounts. And they also exploit people with monthly fees that can only be waived with minimum balances or by jumping through hoops like debit card usage. And "using other ATM" fees from 2 banks at once usually.
But apparently it could be worse with transaction fees and negative interest!
I feel like the few in the US who are savvy about personal finance have found the banks/CUs (i won't list them to avoid sounding promotional) that don't do any of the above. It doesn't say in the article where they are seeing these outflows actually go. I wonder if Europe also has good banking options that not everyone is aware of.
wyager|2 years ago
The biggest rip-off in American banking is that narrow banking is effectively illegal (not the banks' fault), but HYSAs are starting to get around that.
SllX|2 years ago
mmd45|2 years ago
https://jiko.io/
xp84|2 years ago
An important qualifier! I get the impression that probably 95% of consumer deposits in the US either earn zero interest or some comically low rate like 0.00121% that all of the big banks offer on their savings, Interest Checking, and even "money market" accounts. And they also exploit people with monthly fees that can only be waived with minimum balances or by jumping through hoops like debit card usage. And "using other ATM" fees from 2 banks at once usually.
But apparently it could be worse with transaction fees and negative interest!
I feel like the few in the US who are savvy about personal finance have found the banks/CUs (i won't list them to avoid sounding promotional) that don't do any of the above. It doesn't say in the article where they are seeing these outflows actually go. I wonder if Europe also has good banking options that not everyone is aware of.