Economy Talk

PSA: go look at what your savings account is actually paying you

So I finally logged in and checked the interest rate on the savings account I opened in college. It was basically zero. Like, a rounding error. Meanwhile the same bank advertises a much better rate on a different account to new customers.

Took me 10 minutes to move it. Same bank, same app, just a different product. Why do banks do this? Is it legal to just quietly leave loyal customers on the bad rate? (I assume yes, which is depressing.)

Anyway: check yours. And if anyone knows whether this is a US thing or happens everywhere, tell me.