Rachel Louise Ensign
speaker
574 appearances
12 recordings
1 series
first heard Jan 2018
last heard Jan 2024
Rachel Louise Ensign’s voice in public audio — every appearance, attributed to the second.
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Appearances
We heard from a number of people with savings accounts at Capital One who essentially opened years ago these online savings accounts that claim to have a really high rate.
And then they looked and they learned often years or months after that they were actually earning very little.
Banks raise their savings rates in line with the Federal Reserve's actions.
The Federal Reserve has undertaken some of the most aggressive rate hikes in recent years.
And for all banks, it's a balancing act.
They want to pay their customers enough interest that they'll stick around, but they don't want to pay their customers any more interest than they have to.
So in general, the banks increase rates alongside the Federal Reserve.
We heard from a number of people with savings accounts at Capital One who essentially opened years ago these online savings accounts that claim to have a really high rate.
And they thought that that was still the case, that with the Fed raising rates, they were going to get an even higher rate.
The rate would increase alongside those rate hikes.
And then they looked and they learned often years or months after they started missing out that they were actually earning very little.
Yes.
So essentially what happened was in 2019, basically this is a time when no bank account is paying a very significant rate.
Capital One introduced a new savings account and basically said, this is our main savings account now.
We're going to be paying a very good rate on it.
And all of the people who had savings accounts before that time were capped in their older accounts.
Then 2022 comes, the Federal Reserve starts raising rates, and Capital One only increases rates on the new accounts.
So essentially people with the old account were stuck with a really low interest rate.
Yeah, yeah.
I mean, some of these people have been customers for years and years.
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