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 How Some Banks Avoid Paying You a High APY
Tony Molina, CPA
November 17, 2022
When you’re shopping around to find a good home for your cash, you might see some very high APYs advertised. At first, this probably seems like a good thing. However, if you dig into the fine print for some of these accounts, you’ll notice that the advertised rate can actually have all kinds of strings attached to it. These strings generally are a way for banks to trade one source of revenue for another so they can make more money from you in other ways if they agree to pay you a lot of interest. And unfortunately, banks are often not transparent about those requirements up front.
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