AMEX HYSA - 4/9/24 just dropped for first time from 4.35% to 4.3%

A little weird they changed it down some when the fed rate hasnt changed since August of last year and no rate changes have been announced still

Granted it's only 0.05% which is pretty tiny.

I'm currently at 5.25% with Robinhood (gold) but that goes down to 5% after a promo period there

Banks are learning they can keep fricking the middle class and keep more profits

Marked this thread. interested in all the information I can get on this.


Thanks in advance.

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Banks are learning they can keep fricking the middle class and keep more profits

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They just doing what every other company is doing saying we have to keep raising prices due to inflation. It's really not our fault. So that inflation caused you to raise the price and make less of the item?

Most banks just get a wiff of a possible rate cut 20 years from now and they will immediately cut interest rates. But if the Fed raises rates 0.5% it might take a month before a bank raises your interest 0.35%.

Conversely, banks lending rates change in the opposite way. They're super quick to charge you more, but they will drag their feet to charge you less

It really is criminal the way this works out for their customers.

I’ve got two savings accounts
CIT Bank at 5.05%
BMO Alto at 5.10%

I haven’t had any problems but apparently the downside is that if shite happens, it’s hard to get ahold of someone and get the problem resolved.

Marcus reduced 0.10% a few weeks ago.

Still getting 5.25% at fierce

My MMMF is 5.02% as of this afternoon.



The front end of the yield curve has shifted down since January 1st. I don't know how banks hedge HYS vs MMMF deposits though. MMMF generate yield with REPO.

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Banks are learning they can keep fricking the middle class and keep more profits

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Are they are just not needing the liquidity anymore. Why pay for something you don’t need?