PSA: I picked the bank with the high interest savings account over the one with better app features and it kind of backfired

So back in February I was switching banks and had to pick between this online bank offering 4.5% APY on savings or my local credit union with a clunky app but free checking. I went with the high interest one because $4,500 earning 4.5% seemed like a no brainer. Fast forward to last week and I needed to transfer money for a car repair. The app froze, the customer service chat took 45 minutes, and the transfer didn't hit until the next day. Meanwhile my buddy who picked the credit union had his funds moved in 10 minutes flat. I guess the extra $16 a month in interest isn't worth it when you can't get to your cash when you need it. Has anyone else regretted chasing a rate over usability?

3 comments

3 Comments

alex_nguyen26d ago

I get where you're coming from but I kinda disagree. $16 a month adds up over a year and you only need the cash fast once in a blue moon. I'd rather pocket the extra money and just keep a small buffer at a local bank for emergencies. Your mileage may vary though.

william_jackson6526d ago

$16 a month is $192 a year, @alex_nguyen... you might be forgetting it's tax deductible too.

faithwalker26d ago

Didn't someone say most people just let subscriptions like this run without ever using them?