by Mish Shedlock, Mish Talk:

Have you read the fine print on high yield savings accounts? Do you have any idea how banks are screwing you by renaming products?

Beware the Name Change Bait and Switch

The Wall Street Journal notes High-Yield Savings Accounts Come With an Asterisk

Online-centric banks such as UFB, Capital One Financial and CIT Bank attract deposits by paying rates far higher than typical bricks-and-mortar banks. Rates on these high-yield accounts generally rise alongside U.S. interest rates without depositors needing to take any action. But some customers say these lenders deceived them by advertising competitive rates while paying longtime customers lower ones. In some cases, only customers who were monitoring their bank’s every move could notice and respond to the changes.