> How many times do you need to open an bank account? Once every few years. This... | Hacker News

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		lxgr on Sept 22, 2023 \| parent \| context \| favorite \| on: USPS In-Person Identity Proofing > How many times do you need to open an bank account? Once every few years. This is exactly why European banks aren't offering market-level deposit interest rates. KYC friction like this introduces a huge market entry barrier. It should be perfectly normal to open a new bank account with a new bank online!

YeBanKo on Sept 23, 2023 [–]

The US banks aren’t exactly eager to offer market level interest rate either. KYC has very little to do with deposit interest rate. They don’t have to, so they don’t.

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