Roger Bank obviously is increasing their level of new money, forcing them to make a change, because being such a tiny bank they eventually most likely can't keep affording to pay that high rate. Effective today, they have implemented a new rule regarding interest payout. It used to be you could have any balance over $250,000 and earn interest on all the money. But now, the amount of your balance over $250,000 does not earn any interest (0% APY).
Hi Kent. With Roger, the first tier of reps who answer the phone are extremely nice; however, they often have to send a message to the Operations Team to get the answers to some account questions. This explains the delay in me replying to your reply, of course.
The rep said that the Operations Team said that only one savings account per SS is allowed. Also, unfortunately, the $250K max to earn interest policy change also applies to existing savings accounts that were opened prior to the new policy being implemented. (I asked this as a just-in-case, even though I expected as much.)
I did call Roger Bank this morning and had the same experience as you did. I'm currently waiting for the Operations Team to answers my questions. Thanks to you, I now know what their answers will be.
Roger Bank obviously is increasing their level of new money, forcing them to make a change, because being such a tiny bank they eventually most likely can't keep affording to pay that high rate. Effective today, they have implemented a new rule regarding interest payout. It used to be you could have any balance over $250,000 and earn interest on all the money. But now, the amount of your balance over $250,000 does not earn any interest (0% APY).
Thanks for that info. I'm wondering if Roger Bank has a limit of one savings account per SS number. Something for me to confirm tomorrow.
Hi Kent. With Roger, the first tier of reps who answer the phone are extremely nice; however, they often have to send a message to the Operations Team to get the answers to some account questions. This explains the delay in me replying to your reply, of course.
The rep said that the Operations Team said that only one savings account per SS is allowed. Also, unfortunately, the $250K max to earn interest policy change also applies to existing savings accounts that were opened prior to the new policy being implemented. (I asked this as a just-in-case, even though I expected as much.)
I did call Roger Bank this morning and had the same experience as you did. I'm currently waiting for the Operations Team to answers my questions. Thanks to you, I now know what their answers will be.