Monday, July 29, 2013

My Benevolent Bank

I got this email from my bank today.  My bank offered to give me $125, only if gave them $10,000.

Do the math and that equals a return of 1.25 percent on a $10,000 investment.  And with a .01% annual percentage yield, my final return doesn't figure to be much more than that (a grand total of $135 after 12 months).  
For a Chase Savings account, the Annual Percentage Yield (APY) for all balances is effective as of 06/07/13 and may change at Chase's discretion. The APY is 0.01% for all balances in all states. Interest rates are variable and subject to change. Additionally, fees may reduce earnings on the account.
The headline of the email read "Don't Miss Out!"  But I opened it and learned that the only thing I'm missing out on is my own robbery.  JP Morgan Chase is worth $211 billion; they're smart enough to know that a savings account isn't the best place for my money right now.

I just wish they would share where that place actually is.

No comments: