Quote:
Originally Posted by Maxwell76
I can't believe some people actually got suckered into this Redneck bank. You had to know that 5.00% APY in this environment was a joke.
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The 5% APY is in regards to their rewards checking and not their online savings. Rewards checking requires that you make a certain # of debit card transactions in order to get the high APY.
Redneck's online savings APY was 3.1%, not a "sucker's rate" in my book regarding current market forces. But it was a rate designed to capture market share and deposits, and once their goals were met, the APY always comes down. I've seen it happen too many times to keep chasing rate.