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Why is it I can get a .85 percent rate with a web bank (american express) but the best I can do locally (in Georgia) with a premier type savings account is .20 (Chase)? Besides the brick and mortar, the comfort of actually seeing the bank, what am I missing that accounts for the big difference?
Anyone using on-line banks and their experience with them kindly chime in.
hi Puck, please re-characterize this as 'off-topic' from the 'fund discussions'. to answer your question, the brick and mortar costs much more money - real estate, salaries, benefits, etc. the virtual is much cheaper, hence the difference in rates. i've been using a web-bank since 2004 and have no complaints.
Yep - we humans require expensive maintenance - food, housing, medical care, retirement, (and always the chance one of us might jump up & bite the employer with a harassment or wrongful termination lawsuit:-). SInce so much is now done electronically, many smaller branch banks are having trouble justifying staying open. I'd guess 90% of the stuff we do could easily be done on-line or at a ATM. But, I still appreciate the human touch and plan to stick around at the local branch long as they have one.
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