In reading your second paragraph I did a bit of a double-take. You started to summarize almost exactly what Josh wrote to me in an email back when I contacted them with some questions. My point was that while I like the idea of a bank driven by new minds, ultimately I can't think of anything that they will give me that my current bank (Ally, if it's important) isn't giving me right now.
So much of the banking decision for me is based on how well the bank gets out of my way, low fees, and high interest rate. My current bank manages the last two perfectly well, has excellent customer service, and the few issues I have with the web presence are minor.
Josh mentioned that they won't be targeting the absolute rate chasers, but that they will be providing an experience that changes everything (my words, not his). I'm skeptical, but I've been surprised by plenty of other startups. I'm sure there's innovation to be had in the banking industry, I just don't know how much of a draw that innovation will end up being.
Unfortunately every time I look at their site I don't see much that I don't get out of my current bank and my email conversation with Josh was heavy on the criticism of my current bank but light on exactly WHAT they are doing wrong. So for now I'll have to ride the hype with everyone else and just see what comes out.
So much of the banking decision for me is based on how well the bank gets out of my way, low fees, and high interest rate. My current bank manages the last two perfectly well, has excellent customer service, and the few issues I have with the web presence are minor.
Josh mentioned that they won't be targeting the absolute rate chasers, but that they will be providing an experience that changes everything (my words, not his). I'm skeptical, but I've been surprised by plenty of other startups. I'm sure there's innovation to be had in the banking industry, I just don't know how much of a draw that innovation will end up being.
Unfortunately every time I look at their site I don't see much that I don't get out of my current bank and my email conversation with Josh was heavy on the criticism of my current bank but light on exactly WHAT they are doing wrong. So for now I'll have to ride the hype with everyone else and just see what comes out.