Had a cashier at Chase in Austin tell me I was wasting my time with a high yield savings account

I was depositing a check at the Chase branch off 6th Street in Austin a few months ago, and the teller actually laughed when I mentioned I transferred money to an online HYSA. She said I was losing out because their 'premium savings' at 0.01% APY was all anyone needed. I asked her if she had ever calculated what $10,000 earns at 4.5% vs. 0.01% over a year, and she just shrugged. Has anyone else had bank employees outright dismiss better rates like that?

3 comments

3 Comments

aaron8841mo ago

Joined the same club at a Chase in Round Rock last year where the teller tried to sell me on their "relationship savings" rate like it was a deal. @alexc93 you're dead on about just nodding and moving on, I lost over $400 in my first year before I switched to an online account. Now I just deposit checks with a smile and let them keep their 0.01% while my money actually does something.

terry_carter153mo ago

Saw the same thing at a Wells Fargo in Dallas. Teller told me I was overcomplicating things by moving money to an online account. I just smiled and walked out, like why would I leave thousands on the table?

alexc933mo agoTop Commenter

Used to think bank tellers knew what they were talking about honestly. I remember sitting in a Chase branch a few years ago thinking their 0.01% savings was totally fine. Then I actually did the math on a calculator app and felt like an idiot for leaving money on the table. @terry_carter15 I'm with you on walking out and not arguing, no point in debating someone who thinks compound interest is overcomplicating things. Ngl I lost like $300 in potential interest that first year I could've had in an online account. Now I just nod and deposit my checks and move on, they can keep their premium savings rate.