How much interest are you earning on your savings account? Checking? Now when was the last time you checked that amount?
You may be surprised to find out just how low you're "High Yield" online savings account's rate has slipped over the past year. Since banks aren't required to inform you of every rate change the way credit card companies are it can be hard to track how hard your money is working for you but thanks to BankFox you can now get e-mail alerts anytime your rate changes.
According to BankFox founder Josh Schanker, "Even people who think they know their rate are often surprised when they discover what they're actually earning."
While there aren't any empirical studies about how people know their interest rate, my unscientific poll on Twitter found that only 15% knew their exact rate and 46% of respondents had no idea what their savings earned.
The alerting service is a new feature from Bank comparison Web site BankFox which lets you compare banks on many levels. The best part of tracking your bank's interest rate through Bank Fox's alert service is that you don't have to enter any account information; you simply choose the banks you want to track and you're on your way to e-mail alerts.
Since you're not linking to an account this also lets you track competing banks to see how rates stack up. BankFox's alerts aren't limited to savings accounts; you can also track the interest you are earning on CDs and checking accounts.
BankFox is an incredibly simple way to stay on top of what interest rate you are earning, coupled with ability to see what other banks are paying and compare their health. BankFox becomes a one stop shop for finding the best bank for your money.
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