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Author Topic: Banks offering only 1.3% interest rates for Savings Account  (Read 499 times)
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November 10, 2017, 02:51:42 PM
 #1

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?

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November 10, 2017, 03:04:49 PM
 #2

The banks here offer similar rates, it is not great but still better than nothing. It's hard to see that 1.3% is a good rate with the crazy profits we are seeing on crypto but you have to consider that 1.3% is guaranteed, where as you could lose it all on crypto with the fluctuations in price.

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November 10, 2017, 03:30:40 PM
 #3

Annual interest in my country is between 1.5% - 2%, it has always been like that and I think in all countries is the same. Look, bank is using your money to earn more money, if they give you higher annual interest then their profit will be much smaller and probably unprofitable for them. It's not really funny this is reality.

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November 10, 2017, 03:33:14 PM
 #4

1.3% for a risk free investment isn't bad. It's considered risk free with guaranteed returns because its government backed but that's still a trust based sentiment. Investing-wise, it's not great returns, but it's the base you should use to calculate the risk/return margin. See https://en.wikipedia.org/wiki/Sharpe_ratio
https://en.wikipedia.org/wiki/Risk_free_rate














 

 

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November 10, 2017, 03:36:55 PM
 #5

I don't think banks offer anything in my country right now.

The only incentive to have money in the bank is the payment network and you have to pay to use.
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November 10, 2017, 03:43:48 PM
 #6

Good thing you got 1.3% interest annual rate for your savings account, mine was like 1% only. That was once of the reasons why I withdrew some of my savings money and bought bitcoin for long term investment and gladly didn't regret the decision I've made because the savings I invested profited more than the annual interest I got from the bank.

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November 10, 2017, 03:44:11 PM
 #7

1.3% is a joke, i don't think the value will be higer later on due to inflation. If we compared it to bitcoin then surely you can get better value for your money by putting your money into bitcoin. But why is the rate in your country so small and that's the highest? in my country you can get up to 5% for local currency and about 1% for dollar.

















































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November 10, 2017, 03:47:37 PM
 #8

Quote
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.
50% better than 1,3% but if bank gives 50% inflation is 100% and it is terrible. So 1,3% not bad I think.

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November 10, 2017, 04:39:39 PM
 #9

Fixed deposits and investment plan are jokes for banks, they are basically took your money lawfully while not disclosing how their earning would eventually pay off your one figure percentage returns per annum, just some basic math and you would see few hundred thousand is needed to make a significant amount of 'cash' to be free for a month. Banks are really just institution to keep your money, nothing more than that my friend. Relying another party like bank to make you money is just not worth at all, better invest in crypto.

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November 10, 2017, 05:07:22 PM
 #10

While the inflation rate is approximately 10% in the Euro and US dollar zone! The low interest rates or some banks even have started to take an interest rate for having money on their accounts confirms that this fiat system can crash anytime soon! In the recent decades there was always a mix of high interest and low interest phases for having your money at banks, but now they can't control it anymore.

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November 10, 2017, 05:16:20 PM
 #11

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?

I do not know where you leave, but in fact, annual inflation in the European Union is about 2% per year if I am not mistaken. This means that anything 2% per year is just a pure stealing, as it is the very same bank which is printing boats of bank notes on your back, but that is another problem, which is about the deep flaws of the current economical system.

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November 10, 2017, 05:25:43 PM
 #12

That's the result of the policies of the governments across the world. Generally people save their money in Banks and prefer to earn some interest on it even if it low so that is indirectly a kind of dead investment. However, when they put their money in stock market, they are pouring money in to the economy directly without any middlemen which helps the economy to grow. Governments want to boost the economy either by making loans cheaper for the businesses or indirectly forcing us to pour money in to the economy.

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November 10, 2017, 09:31:29 PM
 #13

APY (Annual Percentage Yield) on bank savings accounts were higher years back. There were a few banks which offered as high as 3% to 5% APY, if I'm remembering correctly. Even IRA Roth interest rates don't appear as solid as I remember them being with the highest today being around 2%.

Its key to note that the formula utilized to calculate inflation has changed over time. Using the old method to calculate inflation, real inflation is closer to 8% (or higher) in most developed nations, including the united states. This is very similar to the unemployment rate which no longer reflects the true rate of unemployment. U5 or U6 are better metrics of unemployment.

Its not easy to find methods which pay higher interest rates than inflation. That's for certain. Wages too are growing at a slower rate than inflation which is troubling when one thinks about the long term implications.

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November 10, 2017, 09:35:02 PM
 #14

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?

Are you expecting something good upon depositing your money to the bank? It's not the right place for investing if 1.3% isn't enough for you. Remember that you are only depositing and opening a savings account to them and that rate annually is good to be true. Banks will never give us big profit as they are the ones that will get too much profit from our money. Almost the same rate in my bank and there's also a tax on it so let's say you've earn 1.3% annual interest, multiply it with 20% tax.

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November 10, 2017, 09:39:38 PM
 #15

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?
In Europe with Euribor tax near or below zero for ages 1% is something VERY good you get from certain products. I just checked my bank webpage and they are giving 0.05 for 6 months deposit and 0.5% for 1 year:)

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November 10, 2017, 09:51:32 PM
 #16

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?


if you compare earn and profit in online with bank interest not compatible
bank interest is low, because comapare with loan too, if loan is big interest, country can colaps can't develop road and more
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November 10, 2017, 10:03:22 PM
 #17

This is one reason why banks are afraid that if bitcoin will become a legal tender it can possibly kill all the banks in the world because bitcoin offers highest interest rate in fact putting your bitcoin in your online wallets gives so much rewarding profit aside from the fact that our wallet is very convenient and easy to access unlike banks also banks choose their clients while with bitcoin people has the freedom to choose.

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November 10, 2017, 10:25:31 PM
 #18

On the other hand, banks issue money, too, at a low interest. And you can invest them in the bit/altcoins and get 10,000% per annum.

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November 10, 2017, 10:42:52 PM
 #19

The interest rate is low because the central bank's interest is very low as well. And higher interest rates are inevitably going to pose significantly larger amounts of risks. I don't think it's a very smart move to keep a lot of money in a bank account though.

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FOuRTuNEHunTeR
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November 10, 2017, 10:48:29 PM
 #20

Here in the Philippines, we call that as time deposit where you will be unable to withdraw your money on a specific months or year. Sad to say that we also have an interest rate of 1.25 % a year! Many inveestors said that cryptocurrency unmask the Banks hidden agenda. They are using your money without your knowledge and earn 1000 times or more than 1.25% interest rate they are giving a year. Those interest rate from the bank is a big proof of scam and greed in money.
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