> Chase got it instead, but they are losing it next month because of their shenanigans and greed

Well, on a related note: https://oag.ca.gov/news/press-releases/attorney-general-bont...

"Capital One marketed its 360 Savings accounts as “high interest” accounts with “one of the nation’s best savings rates”...However, while interest rates rose nationwide...Capital One kept the interest rates for its 360 Savings accounts artificially low...Instead, Capital One created “360 Performance Savings,” a nearly identical type of savings account that provided much higher interest rates than 360 Savings..."

“Capital One misled consumers through false marketing and a lack of transparency regarding its savings account system, cheating consumers nationwide. Given an opportunity to make loyal customers whole, Capital One sank their teeth in even more, attempting to underpay people it harmed and continue its deceptive practices"

In a bit of a faux pas at a social gathering, I was ranting to everyone about the theft of these big banks offering <0.25% interest rates while the fed rate is at ~4-5%. There I was telling big bank customers that they could be losing hundreds of dollars a month by not switching to a proper bank or credit union. But their response was muted, mild confusion.

Now I have a good job, and have been fortunate, but I don't live in a tech hub or am I surrounded by other high earners.

It struck me in that moment that these banks offer high convenience to people who never really have ever had true savings. The interest rate is largely meaningless when your account is chronically in the $250 to $1250 range. Things like app integration, and easy user friendly deposits and withdrawals are much more important.

I think if you are someone who financially made your way to a place where interest payments are meaningful in size, you probably left those "convenience" banks a long time ago. The thought has made me more mindful about my bank rants now.

America's banks enjoy pulling a bait and switch on HYSAs: They will create new account types with better rates, while they let their old ones become uncompetitive. Citi has pulled this too.

Unless you really think you might need the money immediately, chances are that keeping your money in a brokerage account and using a money market fund (say, VMFXX or something like that) will lead to less headaches with rate manipulation, as the funds aren't playing games with the general public.