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by answerbeggar on January 14th, 2008

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So there're many other banks that offer high APR saving accounts, then why are so many people still stick with bank of america with a low 0.25% APR? Is it because they don't know? Or the other bank's saving accounts are hard to open?

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Answers. 1 helpful answer below.

  • by SarahK on February 18th, 2008

    SarahK

    People tend to use Bank of America because they have branches and ATMs nationwide or don't want to be penalized by $3 every time they use a BoA ATM.

    Most of the banks that offer high interest rates are online and some people have reservations about them for various reasons. There are many who don't know of online banks because, other than HSBC and ING Direct, most don't advertise much on television, internet, or radio.

    HSBC used to advertise heavily on CNBC and ING Direct used to advertise on television in general. (Some may remember the bench with the orange lion and the people sitting to the left of "ING", where passers-by were trying to determine what the whole word was.)

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