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
People started figuring out once they started kind of looking for interest in their bank account.
Some people were looking and you were like, wow, I'm really not getting anything.
I wonder why that is.
But in general, in the last year and a half, you have finally been able to actually earn a significant amount of interest on your savings account for the first time really since before the financial crisis.
And folks looked at their statements and eventually some people figured this out.
The bank said that they marketed the new account really widely.
If you go to the bank's website, you can only find information for the new account, which does pay a really high rate, 4.35% right now, which is, you know, one of the highest rates of any bigger bank.
But the people who have the old accounts with the very low rates say that no one ever contacted them to tell them, hey, we have this new account.
It's going to be paying way more.
You should move your money over.
The accounts do appear very similar.
So back in the early internet era, these banks cropped up that were kind of online banks.
And they paid much higher rates than the typical brick-and-mortar bank on the corner.
And Capital One bought one of these banks.
online banks in 2012.
And that's where a lot of these customers came from.
So basically, this product really retained the spirit of those early online banks of like very low fees or no fees, no minimum balances.
And the old account had a lot of those features and the new account does too.
Yeah, you know, people are very unhappy.
They think the bank should pay them back interest.
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