Your bank is lying to you.

Capital One was recently caught red handed ripping off their customers. ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏  ͏ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­ ­

Good day,

You're a smart investor. You keep your savings in a high-yield savings account that pays 4%-5%, right?

Many Capital One account holders thought they had a high-yield savings account, but it turns out they were only earning 0.3% APY on their savings. The bank migrated existing customers to another account type that pays paltry interest without notice, all while advertising 4.35% APY to new customers. Account holders are fighting back with a new class-action lawsuit against the bank.

Capital One isn't the only bank playing shell games to rip off savers. The average APY across the country on savings accounts is just 0.58% as of February 2024. Banks are paying pennies in interest, hoping savers won't notice and move their funds to high yield FDIC-insured accounts that pay 4.5%-5.0% APY on their savings. This is a nationwide problem and impacts most people with savings accounts.

Fortunately, there is a better way. Some banks are bucking this sinister trend and are paying above-market interest rates to their loyal customers. These accounts are fully FDIC insured and pay as much as 5.00% APY on your savings.

I urge you to review your most recent bank account statement and move to a higher-yield account. It's the right move for your wallet, and for your family.

View the best savings account rates here

Matthew Paulson
MarketBeat

 
 

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