Your savings account is gaslighting you

^{By Katelyn Brenner}

I knew it was over when my savings account sent me a “special offer.”

We’re raising your APY from 0.15% to 0.25%, the email announced, like it was handing me flowers. Meanwhile, inflation was running at 3%, the Fed had already raised rates multiple times, and other banks were offering north of 4%.

I laughed. Then I got angry. Then I realized: my bank was gaslighting me.

Like any bad partner, it swore it was trying. I’ll do better, it whispered. You don’t need anyone else. But the math told the truth: my money was being taken for granted.

Loyalty is expensive

Here’s the part they don’t say out loud: big banks profit from your laziness.

They’re betting you won’t leave. Because moving banks is annoying. Because your direct deposit and autopays are all neatly tied up. Because it feels easier to stay than to deal with the paperwork.

So while online banks are out here waving 4.5% APYs like neon signs, Chase and Wells Fargo toss you crumbs and keep the difference. They pocket the money your savings could be making.

It’s like being taken to Applebee’s once a year while everyone else’s partner is planning surprise trips to Paris.

The numbers that slapped me

Here’s what finally made me switch:

- The average U.S. savings rate was around 0.47%.

- Online banks were paying 3.75–5%.

- On $10,000, that’s the difference between $47 a year and $500.

That’s not a rounding error. That’s groceries. A weekend away. Literally 10x the money for doing nothing different.

So why did I stay so long? The same reason people stay in bad relationships: comfort.

“But we’ve been together forever”

I’d had that account since college. It felt stable, safe. The app was familiar. My card looked the same sitting in my wallet. And some part of me thought, they’re the big guys, they’ll never screw me over.

Meanwhile, the online bank with the quirky name felt sketchy, like meeting someone at a dive bar. FDIC insurance? Really? (Spoiler: yes. Really.)

But deep down I knew the truth: I wasn’t staying because it was safer. I was staying because it was easier.

The excuses I told myself

When I finally opened a high-yield account, I caught myself stalling.

It’s only a couple hundred dollars difference.
I don’t have time to move everything right now.
Maybe my bank will raise rates soon.

It was the same script as waiting for a bad boyfriend to change.

He won’t.

How I finally dumped him

I didn’t do it all at once. I opened a new account and tested it with a small transfer. It felt weird — like cheating. Then I moved more. Eventually, I rerouted my paycheck. And one day I realized I hadn’t logged into the old account in weeks.

That’s when I closed it for good. No dramatic speech, no teary goodbye. Just a clean break.

What changed

I thought it would just be about the money. It wasn’t.

Every time I log in now and see interest actually piling up, I feel a tiny jolt of validation. Like: yeah, this is how it’s supposed to work. My money is working for me, not the other way around.

And the bigger shift? Realizing this wasn’t just about a bank account. It was about self-respect. About not settling for crumbs. About admitting that “loyalty” means nothing when it isn’t reciprocated.

Because if there’s one thing this taught me, it’s that settling is expensive. Not just in money — in everything.

So no, your savings account isn’t just a savings account. If it’s gaslighting you, it’s teaching you something bigger: stop waiting for people (or banks) to change. Move your money, move your energy, and watch both grow.