Banking: Instant Interest

With instant coffee and instant soup going down so well, the U.S.'s go-getting banks have been experimenting with a new gimmick: instant interest. Last week, California's banks became the first to introduce instant interest on a state-wide basis. Following the lead of individual banks in New York and other cities around the U.S., the Bank of America and other California branch banking giants announced that they too would begin to compute interest on savings accounts from the day of each deposit instead of only at specific times.

Reason for the switch is the competition of California savings and loan associations,...

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