getting a higher savings rate with a “new” account number.
I asked Ever Bank for a higher rate on savings and they agreed, but they said I had to “open” a new account. My question is “why”? Is there a banking regulation that deals with this? I did not have to put “new” money in this new account, but just transfer the old account to one with a “new” designation/account number. What purpose does this serve? I am wondering why they make you do this. I also heard you say on the radio the other day that you have to proactively ask the bank for this, which is what I did prior to hearing you mention this. Thanks.
Terry Says
They may offer special rates for new accounts. But it’s stupid on their part to deny top rates to an existing good customer.
I’d express my displeasure by switching to Treasury Bills.
Read this:
https://www.terrysavage.com/t-bills-beat-cds-2/
