In a bit of a faux pas at a social gathering, I was ranting to everyone about the theft of these big banks offering <0.25% interest rates while the fed rate is at ~4-5%. There I was telling big bank customers that they could be losing hundreds of dollars a month by not switching to a proper bank or credit union. But their response was muted, mild confusion.

Now I have a good job, and have been fortunate, but I don't live in a tech hub or am I surrounded by other high earners.

It struck me in that moment that these banks offer high convenience to people who never really have ever had true savings. The interest rate is largely meaningless when your account is chronically in the $250 to $1250 range. Things like app integration, and easy user friendly deposits and withdrawals are much more important.

I think if you are someone who financially made your way to a place where interest payments are meaningful in size, you probably left those "convenience" banks a long time ago. The thought has made me more mindful about my bank rants now.