When high-yield savings accounts come with an asterisk

(Image: WSJ)

Tue, 27 Feb 2024

By Rachel Louise EnsignA few months after the Federal Reserve started aggressively raising interest rates in early 2022, Sam Kuperstein opened a savings account at online bank UFB Direct to earn more on his extra cash. The Springfield, NJ, resident assumed the advertised 1.81% rate – which at the time was among the highest marketed by US lenders – would keep rising as the Fed kept hiking. Then, last September, he found out that his rate hadn’t budged, even though the bank advertised a savings account that paid more t...

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