The interest rate on my Capital One 360 money market savings account went up to like 1.8 for a while but has been steadily dropping and is now at 1.5%. I hadn’t heard of any big interest rate cuts and I’d seen ads for higher rates with other companies, so I decided to see what’s going on. Surprisingly, I noticed that Capital One 360 is only advertising a Premier online savings account that has an APY of 1.7%. Which … is higher than the 1.5% we were currently getting.
So I called up the company and got a very nice customer service representative– like extremely nice and extremely knowledgeable, who explained that they no longer offer the money market account to new customers and the new account doesn’t have a debit card, but we weren’t using any sort of card with the account anyway. Then I asked if I could switch over, and he explained how to do that and then walked me through and closed out my old account. It took maybe 8 minutes, and much of that was because I had to close Firefox and start over in Chrome (Firefox at work needs to be updated). All in all a simple and almost pleasant experience.
What’s not pleasant is having to keep an eye on one’s rates because they’ve decided to lure people in with high initial interest rates but then drop the interest rates after people stop paying attention while offering new customers a different product with higher rates. That part kind of sucks (I estimate I lost at least $40 before noticing). But… they’re paying for really high quality customer service reps, so…
Have you been the victim of a bait and switch? How are your online savings accounts doing these days?