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A comment on Banks are slow to increase rates on savings accounts, but quick to reduce them. Parent comment

Re:Banks are slow to increase rates on savings accounts, but... by mfer on Saturday July 25, 2020 @08:18AM (#23948640)
Online only banks have fewer expenses (no branches or staff in them). This appears to translate into higher rates which is a selling point for them.
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Re:Banks are slow to increase rates on savings accounts, but... by smoe on Saturday July 25, 2020 @08:41AM (#23948759)
I think traditional banks, which apparently used to have much better rates even with all the expenses, have found that people are perfectly willing to give them their money practically for free. The newer online competeritors need something to draw in costumers.
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