Viewing a single comment thread. View all comments

t1_jabmgo2 wrote

Reply to comment by in ELI5 How do banks work? by

My checking account gives me 4% so your numbers are out of date. I pay no maintenance fees, annual fees, or membership fees. Maybe you just have a shitty bank

−1

t1_jabxb78 wrote

These rates change over the years, but interest rates change with them. So if your bank gives 4% interest on savings, their loans probably have an interest >6-7%. Still, the 0,01% are a rather extreme example.

3

t1_jac1txy wrote

What bank is this, if you don't mind me asking?

4% does seem very high for a checkin account

2