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GrandPost9774 t1_jeelnel wrote

Why don’t US banks pay interest on deposits? Here in UK with my chase account I get 3.1%

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Celtic_Legend t1_jeer78e wrote

Greed. They think lending out less for the full 100% of revenue is more profitable than increasing customers/deposits while doing revenue-expenses. And they are probably right for now. Chase in the US pays 0.01% lol

All the small banks here are offering 5% to get new customers from the giants. For retail and business though, its way less effort to just stick it in a broker you already have set up offering 4.x% instead of opening with a smaller bank. Almost every1 of us here has either a fidelity, ibkr, or even robinhood acc they use and those 3 are offering 4+%.

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BlackSquirrel05 t1_jefrojw wrote

They don't have to yet...

Once things become more competitive they'll up the % on accounts.

Basically everyone needs to move their money around.

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