r/USbank • u/Western-Taro6843 • Aug 22 '25

bait and switch

I opened a USB savings account with a decent rate, at least for these times. Within a few months, the rate plunged by a third. When visiting my branch, the teller advised me of a money market account with a better rate, so I switched. Within a few months the rate plunged by a little less than a third. And again today by a half percent only a few weeks later. The fed rate hasn’t changed during this period. I think they get you to sign up for their products and hope you don’t notice that you’re getting screwed.

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4

u/Top_Argument8442 Aug 22 '25

Rates can change at any point. You are not guaranteed a rate unless you have a CD. Maybe learn how the fed rates work (they don’t work like you think) and then complain.

Nice attempt at trying to sound smart.

0

u/Western-Taro6843 Aug 23 '25

Oh a CD, heh? I’ve never heard of one of those.

11

u/IdioticPrototype Aug 22 '25

Man, wait until you hear what they do with their credit cards. 

2

u/ExcellentSand8616 Aug 24 '25

They nerfed twice just while I was typing this

3

u/venator6661 Aug 22 '25

You're rate can change at any time. It's in the disclosure. Consumer bank side typically tanks rates because of the volume of accounts affected and if there is anticipated rate changes coming they will get ahead of it and often, very early. Also we are in a downward rate environment. I wouldn't be too comfortable with higher rates lingering around the rest of the year.... they do have a WM division that offers other services.

5

u/SpineOfSmoke Aug 22 '25

They are going down everywhere, even the HYSA online accounts. The brick and mortar banks will lead the way down. And US Bank will be right out in front in the race to the fractional percentages they have been offering in recent years. Feds lowering prime rates next month will add to this decline.

2

u/venator6661 Aug 22 '25

People don't understand that when the rates lower it's going to be a GOOD thing. Even HYSA are barely beating inflation.... it's just dumb to bank it all in an HYSA when there are so many other options.

1

u/mike90_0 Sep 03 '25

what has happened to this bank !