Topic: Banks offering only 1.3% interest rates for Savings Account - page 4. (Read 2368 times)
Actually 1.3% interest for a year will be joke.In some bank they offer 5% for holding the money for a year.But for that you have to hold the currency at same value every month.If you want to get 10-30% profit for a period of 6 months- 1 year.Bitcoin is the only known option.Nearly 2500$ variation in a month.As compared to bank , bitcoin is the best one.
It's ridiculous that the interest rate they give you is 1.3%, and the interest rate they charge to others may be 8% or even 10%. For years, the obvious fact is that you have to put money in the bank to devalue every day, because the interest rate you get can't resist the rate of inflation at all.
It's a savings account, it's one of the safest and therefore lowest return investments you can make. Return is correlated with the risk of the investment, and if it's too low risk low return for you, don't put your money in a savings account. Banks are in the business of underwriting loans, and in order to do that, they need deposits. If they don't have enough deposits, they raise interest rates to attract more money chasing low risk returns. So in many ways, bitching about the return on savings account is pointless because it's a market-determined rate. It would be like complaining that everyone else thinks Bitcoin is worth $9,000 (which is the market price) but you think it's worth $15,000 and are mad at what the market has decided. If the rate is too low, don't put your money in the bank. Or better yet, if banks have it so good because they pay so little and charge so much, start your own bank if you think it's just so easy.
I went to my bank today to change money to foreign currency because I will be traveling abroad soon. I asked the lady what are the current annual interest rates if you decide to give your money to bank for certain period of time without being able to withdraw that money (Savings Account).
She said proudly that zhe interest rate is 1.3% which is the highest in the country. I was holding my laugh and smiled kindly to her and I said that even 1.3% is not enough for me.
What do you guys think? I think 1.3% per year is a joke. Money can lose that much value in one year so you didn't actually profit at all. What kind of interets rates do you get at your banks?
1,3% is a good quote, in my country, with a negotiated interest i got 0,6% so you can imagine how things works. It is incredible what happens with the banks. They explore all the possibilities to gain money, if it would be secure to hold the money in my house i would hold the money under the mattress, but it is dangerous, you never know. She said proudly that zhe interest rate is 1.3% which is the highest in the country. I was holding my laugh and smiled kindly to her and I said that even 1.3% is not enough for me.
What do you guys think? I think 1.3% per year is a joke. Money can lose that much value in one year so you didn't actually profit at all. What kind of interets rates do you get at your banks?
It's ridiculous that the interest rate they give you is 1.3%, and the interest rate they charge to others may be 8% or even 10%. For years, the obvious fact is that you have to put money in the bank to devalue every day, because the interest rate you get can't resist the rate of inflation at all.
I went to my bank today to change money to foreign currency because I will be traveling abroad soon. I asked the lady what are the current annual interest rates if you decide to give your money to bank for certain period of time without being able to withdraw that money (Savings Account).
She said proudly that zhe interest rate is 1.3% which is the highest in the country. I was holding my laugh and smiled kindly to her and I said that even 1.3% is not enough for me.
What do you guys think? I think 1.3% per year is a joke. Money can lose that much value in one year so you didn't actually profit at all. What kind of interets rates do you get at your banks?
Thats the F*cking problem with that damn banks thats why many of us converted our money to crypto because of unfair treatment of the banks.imagine they uses our money to put in stocks or any other profiteering but they only giving us just a tin part of our own money,isnt that unfair?She said proudly that zhe interest rate is 1.3% which is the highest in the country. I was holding my laugh and smiled kindly to her and I said that even 1.3% is not enough for me.
What do you guys think? I think 1.3% per year is a joke. Money can lose that much value in one year so you didn't actually profit at all. What kind of interets rates do you get at your banks?
Thats wy those whos investing their money in bank stil,full them out and put here in crypto lol
Profits from savings deposits are decided by the banks and are adjusted continuously, not fixed. In our country they allow interest rates of 6% a year and not to mention double-digit inflation of about 15%. I think 6% profit vs. 15% inflation is a loss in investment.
It is a normal percent if you want to get more you should to taker a look at goverment bonds because this assets are without a risk. For more profit you should to take a risk and there are a lot of assets to do.
In developing countries an interest rate may be 10% and even more but inflation and other riks are huge. Smart people from developing countries hold thier savings in major currincies (dollar, euro)
In developing countries an interest rate may be 10% and even more but inflation and other riks are huge. Smart people from developing countries hold thier savings in major currincies (dollar, euro)
That would be great if human race efficiency and welfare gets to the new time of golden age.
1% return is not low risk low return, its no return at all. IF you include inflation in the monetary supply in your profit calculations or just the cost of food rising every year then your 1% return is losing value as inflation is over 1%.
To gain 1% value interest but the money now buy 2% less means you didnt gain anything at all. Its been this way since 2008 and they launched bank bailouts with larger government debt, all financed by printing more money.
Same goes for wages. This is why many look for alternatives, normally bank interest would retain the deposits of the majority who earn in conventional business and then save their wages. If there is no gain people take far greater risks to achieve a return or just not lose money saving for a house or retirement even. This isnt a one off, its a big trend for a while now
To gain 1% value interest but the money now buy 2% less means you didnt gain anything at all. Its been this way since 2008 and they launched bank bailouts with larger government debt, all financed by printing more money.
Same goes for wages. This is why many look for alternatives, normally bank interest would retain the deposits of the majority who earn in conventional business and then save their wages. If there is no gain people take far greater risks to achieve a return or just not lose money saving for a house or retirement even. This isnt a one off, its a big trend for a while now
in the philippines back only offer 1% interest for the whole year.. its too low compared to crypto but like they said high risk high reward, low risk low reward..
The problem with banks is that the risk is not low at all banks go to bankruptcy all the time, people think this is not the case because they don't see all the banks disappearing at the same time, but believe me in all over the world there are banks facing bankruptcy every month, and there are many people that lose their money because of it so the risk is not as low as many people think.in the philippines back only offer 1% interest for the whole year.. its too low compared to crypto but like they said high risk high reward, low risk low reward..
The problem with banks is that the risk is not low at all banks go to bankruptcy all the time, people think this is not the case because they don't see all the banks disappearing at the same time, but believe me in all over the world there are banks facing bankruptcy every month, and there are many people that lose their money because of it so the risk is not as low as many people think.
in the philippines back only offer 1% interest for the whole year.. its too low compared to crypto but like they said high risk high reward, low risk low reward..
according to my experience. banks in our country take advantage in various sectors not just in term savings only. indeed the interest rate offered is almost the same as in your country. but the banks in my country offer various levels of interest rates for a varied period of time so that we can choose the interest rate according to the level offered. at most 6 percent per year for term deposits.
I went to my bank today to change money to foreign currency because I will be traveling abroad soon. I asked the lady what are the current annual interest rates if you decide to give your money to bank for certain period of time without being able to withdraw that money (Savings Account).
She said proudly that zhe interest rate is 1.3% which is the highest in the country. I was holding my laugh and smiled kindly to her and I said that even 1.3% is not enough for me.
What do you guys think? I think 1.3% per year is a joke. Money can lose that much value in one year so you didn't actually profit at all. What kind of interets rates do you get at your banks?
That is not a joke, some huge banks in the world (like Japan) they offer 0% interest rates. They do this because of the monetary policy in their country to adjust the deflation rate. It's very difficult to believe but it's the truth She said proudly that zhe interest rate is 1.3% which is the highest in the country. I was holding my laugh and smiled kindly to her and I said that even 1.3% is not enough for me.
What do you guys think? I think 1.3% per year is a joke. Money can lose that much value in one year so you didn't actually profit at all. What kind of interets rates do you get at your banks?
It depends in the bank, here in our country (Philippines) the range of interest in savings is .025 to 1.5% mostly the banks offer small amount of interest is commercial bank that is why bank is only hold our money for security and dont look for the income.
For now i prefer to save in bitcoin in short term than putting my money in the bank with long term to get an income.
For now i prefer to save in bitcoin in short term than putting my money in the bank with long term to get an income.
Banks are not originally made for you to earn income. Banks are made to protect your money and for it be secure. Even if you earn a (small) marginal interest in your savings, you won’t actually earn that much. It’s sort of like an incentive for keeping your money in the account and for not spending or withdrawing it.
Interests from banks only benefit the extremely rich and oppress the poor. Time value of money would have changed significantly to receive 1.3% interest on your investments. Unless you have so much money to invest with banks you don't get any good intrest. It is better to let your money grow for you by starting your own business than investing in banks. It's even better to take absolute control of your money if you invest in cryptos than in banks.
in my country there was the banks which is give 2-3% for annual interest rates for every year and indeed almost banks all of in the world will never give annual interest rates more than 5% but it's very different if we loan money from bank that we should repay over than 10% for annual rates
What is the only truth concerning banks and their existence is to achieve the greatest profits,and that certainly can not be achieved if they allow their clients to benefit in working with banks.So if they give as 1.3% interest rate,user need to invest big money to get something from that-but for some small deposits it is not worth mentioning.At the same time bank will work with our money and make much more profit then 1.3%,so actually we give them our money which they use to make profit,but in the same time they will give us some dust interest at the end.
What would be a fair deal is that client give bank money,they work with that money for the agreed period and then the realized profit is divided in equal proportions,let's say 50-50.But then banks would not be what they are today,and a good deal of people in the world would live much better.
What would be a fair deal is that client give bank money,they work with that money for the agreed period and then the realized profit is divided in equal proportions,let's say 50-50.But then banks would not be what they are today,and a good deal of people in the world would live much better.
This has been the general trend over the past three decades. In countries such as Japan, they are having negative interest rates. So if you want to keep your money in the bank, you need to give them money. In other countries also, the interest rate is going down with every passing year.
I feel sad for the people who are putting all of their hard earned money in their savings account in the banks for thinking that it will be good because a lot of their friends told him that it is the best place to store money and that is why a lot of people are not improving because they lack of knowledge. I hope that after a few years, people will not always put their money in savings account and learn to invest.
What happens is that governments make an effort to keep the people ignorant about what they can really do with their money, that is why almost no one saves, and the ones that do it just keep their money in their homes or in their bank accounts not realizing that doing all of that is just a waste of money and time, what they need to do is to invest in something even if I do not like stocks that is way better than to leave your money doing nothing. Jump to: