Blondie (1/13/11)

Where is this teal-jacketed fellow banking that us receives one-percent interest on his savings? Not a traditional brick and mortar bank, that’s for sure. Let’s say our hero has $20,000 to plop into a savings account. A quick glance at banking websites tells us he would be lucky to earn even half-a-percent interest. If he stashed his money a local institution, like Chicago’s Marquette Bank, he’d earn 0.2% interest. If he opened a credit union account, say with United Credit Union, he’d rake in 0.25% interest. And if he went with a national chain like Chase, he’d take home 0.1% interest (0.25% if he linked his checking account to his savings account). If this disgruntled depositor wanted to up his earnings, he’d have to open an online savings account; either that or secure himself a job as a bank president.

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