Don’t Bank on Higher Interest on Savings

Have you noticed that interest rates on savings accounts have been creeping up over the past few months? A review of bank ads a couple of weeks ago from the Boston Globe reveals some of the rate hikes. This is certainly much better than the fractions of one-percent that have been offered in recent years. But this bank has tucked a nasty provision in the fine print. *MOUSE PRINT: That’s right, to get the advertised rate you have to deposit a minimum of $200,000. Thanks for nothing, Admirals Bank. Of course, this was not the only bank ad in the Globe. A few days earlier, HarborOne bank offered a higher rate with better terms. *MOUSE PRINT: This bank only requires one-eighth the minimum deposit of the first bank — $25,000 — to get a higher interest rate. But we are not done. Another ad in the same paper as the Admirals Bank ad is even more generous. *MOUSE PRINT: Now were up to 1.50 percent with a $25,000 deposit. But one final ad in the same paper tops…

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