TMobile Money is 4% for the first $3000 and 1% after that for customers and 1% flat for everyone else. Ally used to be pretty good but I've moved all my savings over for now
Yeah, obviously not scalable, but cool for a risk-averse T-Mobile wireless customer who wants a guaranteed 4% on $3K.
It is funny though that they give the example that at $5,000 saved your effective APY is around 2.79%. I mean, the bottom line is that as soon as you get above $3K, any additional savings drops to a lowly 1%, which doesn't keep pace with inflation (i.e. you're losing money). But they're presenting it like 2.79% is some kind of average that matters, thus implying it's a good idea to keep pouring money in.
The reality is that the offer is not an average, but two discrete terms of 4% and 1%. And, on the latter, you're trading whatever other returns you could've made elsewhere for that miserly 1%. Much better to put it elsewhere, even for those who bite on the initial $3K for 4%.
