How Bank Customers Expecting 4.35% in Interest Got Close to 0%

WSJ Your Money Briefing

The Wall Street Journal

News, Business News

3.8 • 1.6K Ratings

🗓️ 26 January 2024

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

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Summary

Some Capital One savings customers thought the interest rate paid on their accounts had risen over the past several years as the Federal Reserve raised rates. Wall Street Journal reporter Rachel Louise Ensign joins host J.R. Whalen to discuss how account holders discovered they’ve been receiving far less than the savings rate the bank is advertising. Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:21.8	or lowercase.
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0:29.7	Here's your money briefing for Friday January 26th. I'm J. R. Waylan for the Wall Street Journal.
0:37.0	When the Federal Reserve started raising interest rates in 2022, savings rates also began to climb, with some banks currently offering rates in excess of 5%.
0:47.0	But some customers at one national bank feel they've been left behind.
0:52.0	We heard from a number of people with the savings accounts of Capital One who essentially opened years ago these online savings accounts that claimed to have a really high rate and then they looked and they
1:06.5	learned often years or months after that they were actually earning very little. So how did this happen?
1:14.0	We'll talk to Wall Street Journal reporter Rachel Louise Ensign
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