Saturday, April 04, 2009

Please, Don't Do Me Any Favors

At the bottom of the page of the statement for my Money Market Savings Account, the following language appears:

You earned a higher interest rate on your XXXXX Money Market Savings account during this statement period because you had a qualifying XXXXX Better Banking Checking account.

And what was this "higher" interest rate I earned? Drum roll please.........


Last month I earned a whopping eight cents in interest! Whoooey! I wonder what my rate would have been if I did not have the savings account linked to a checking account, 0.00001%? Or maybe it would be a negative number. Of course, this savings account does not constitute the main core of my savings. It's meant to be an easily accessible fund to tap for unbudgeted emergency expenses such as having to get the car repaired or to have an appliance fixed or replaced. But an interest rate of 0.01%? I guess I can understand if that is the best my bank can do under the present circumstances, but it shouldn't act like it's doing me a favor by offering me such a piddling rate.


Carlin said...
great interest rates.... :)

Tommykey said...

Hi Carlin!

Sorry for the late response. Actually, I have a savings account with them.

The account I was bitching about is a savings account I have linked to my checking for emergency money.