I decided to open a high-yield savings account online...

Then they called and stated my application is approved, asked if I had any questions, then informed me that I wouldn't start getting the "high yield" unless I deposited _thousand dollars.

*I am sure the number is legit, it's the same number on the website.
*I can distinguish between a real and a fake website.

Nowhere on the website does it state that I must have _thousand dollars in the savings account before I can benefit from it being high-yield. In fact, it says "no minimum required" and there is no asterisk (*) next to it.

I wouldn't have a problem if that information was listed on the website, but since it was not, it seems a bit dishonest.
I think I'm going to shut it down.

Your thoughts?

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Hanginginthere · 31-35, M

Sounds like a scam to me, are they insured by the FDIC? If not AVOID them

iamnikki · 31-35, F

@Hanginginthere it says federally insured to up to $250k so I'd say yes.
I doubt it's a scam, there is a brick and mortar location nearby, not that they [i]couldn't [/i] scam.
I called back and the next caller stated that the _thousand dollar deposit is not correct.
Didn't make sense because the website states $0 minimum

Hanginginthere · 31-35, M

@iamnikki still sounds fishy, I’d stick to a more well known bank

iamnikki · 31-35, F

@Hanginginthere I think the lady just didn't know what she was talking about. I should have gone in person but I don't feel like dealing with sales people

Hanginginthere · 31-35, M

@iamnikki I tried also looking for a better savings account than I have now but didn’t have any luck, my current rate is about 4.50%

iamnikki · 31-35, F

@Hanginginthere cool, this one is 4.25%. [i]My[/i] current pays me a few pennies every month, literally.🫣