Why do only online banks offer this? If the rate is 6% and you put in 100k, then does it stay 6% for as long as you have the money in there….even if it’s years? How safe is this and why aren’t more people doing it.
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Online banks have less overhead — all those branches, employees in the branches are expensive! Typically the rates fluctuate in line with the Fed rate. Getting 6% is a new thing as rates have increases… a couple years ago you got maybe 2%.
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