Ever got one of those bank emails warning of ‘important changes’ to your account? In all likelihood they’ll be banking up in junk, either because you made that home a long time ago, or regularly give in to the temptation to send them there.
But the problem is, if you’re part of the majority that fragrantly flicks them away, you’re probably getting screwed by your bank.
I recently resisted the temptation and took in the first couple of sentences of an email explaining that my two bank accounts would now become just one "simplified settlement account that earns you interest."
It sounded pretty reasonable. Simpler can only be a good thing, right? Nope.
As the sugar tongued salesman finally got around to detailing after a full half page of fluff, where I was previously earning a not bad 3.25% on my stash, I would now be getting an exceptionally tight fisted 0.01% interest.
So for $1000 kept in there for 5 years, instead of earning $173.41 in interest, I’d now be getting $0.50. For a $5000 stash, instead $867.06 interest, it’d now be a not-even-schooner-purchasing $2.50.
The moral of the email? Read the frequent fuzzy emails your bank sends you and if you are getting done over, move on.
There’s a whole bunch of convenient account comparison sites like RateCitythat make the search a cinch, and with every bank out there eagerly contesting for your money, you can score some very sweet deals.Or at the very least, not get screwed.