Submitted by KCL2001 t3_101jfpv in personalfinance
After seeing the recent post about Ally bank, it made me think I should post this here in hopes that it helps others.
I was using an online calculator yesterday and saw an ad for High Yield Savings accounts (Ally, Capital One, etc.) I noticed that most of the rates were between 3% and 4%. I know that Capital One has variable rates, but have neglected to keep tabs on the interest rate, so I thought that it was good that they're keeping pace with other banks (I joined ING, and when Capital One Acquired them, they weren't as good about keeping interest rates competitive.)
When I checked my Savings accounts, they were only paying a 0.3% interest. I checked them all, and reached out to a friend to confirm that I was reading it right - he had the same rate. When he contacted their support today, they said that the only way to get the 3.3% new rate is to open a new account and close the old one. (It appears that they "Changed" the account from "360 Savings" to "360 Performance Savings" - although that may be unrelated.)
I would recommend that people who are current Capital One customers investigate their situation and let the company know that not adjusting the existing customer's rates to match their advertised offerings is poor customer service and puts business at risk.
In the meantime, I plan on shopping around for another bank.