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Author Topic: Banks offering only 1.3% interest rates for Savings Account  (Read 472 times)
zakalwe
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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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cl37007
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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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November 10, 2017, 11:13:27 PM
#21

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?

Yes it is true even you think that is a joke as a Bank will not be loser at all cost, it is just like you fool yourself to give them your money that you can't get anytime you want and yet it is losing value overtime because of inflation, most of the people that wants to save money do that kind of thing because they think that they can really benefit from it but it's the reverse.

Bitcoin is much more better for investment compare to the Banks that the only intention is to consume the money of people that trust them because of so many hidden charges and fees.

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November 10, 2017, 11:30:06 PM
#22

Putting big money on a bank is really useless for me and don稚 expect to earn big profit. Instead diversify your portfolio to gain more profit, it痴 really true that bitcoin offers low interest rate that can be result to devaluation of you money due to inflation rate.
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November 10, 2017, 11:46:29 PM
#23

Here in my place, inflation rate is much higher compare to interest rate that banks offer so if you are wise enough then don稚 put much money on the banks, you will loose some money because of inflation.

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November 11, 2017, 02:25:26 AM
#24

1.3% is a loss after even the official inflation rates. Realistically, 1.3% is a horrible loss.

And as far as fiat being risk free? Hardly. Just look at how different currencies fluctuate. The CAD lost over 6% against the USD recently.

Eventually enough people will figure out that fiat isn't really worth anything, and the little value it has loses purchasing power daily. Investors already know this. When the masses figure it out, they'll join the investors in finding places to park their money better than a bank.

While I've been skeptical about asset-based ICOs, they could play a very real role there. That is, for example, in a real estate token, you could dump fiat into it and have, just for example, say 0.025% of a house, or a small fraction of a commercial building. While they're still subject to market prices, real estate (in some places) only goes up, and does so well ahead of inflation. That would be a good place to park wealth in for people with little capital. No large investments, and just that token to show ownership.




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November 11, 2017, 03:44:05 AM
#25

I think the bank will pay you far less than a mortgage rate so they make money. That's really what it comes down to. Mortgage rates are low, so 1.3% is the most they'll do? What a useless meaningless number. It's worse than nothing because you're losing buying power. You've come to the right place to beat inflation.














 

 

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November 11, 2017, 03:57:49 AM
#26

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?
It's about the same to be honest, there is typically little in excess of 1.5% if you're lucky, there is maybe one instance I can think of that does have closer to 2% but you have to deposit a certain monthly amount into the account in order to maintain the interest rate, otherwise it drops and you don't have the same interest rate, it becomes lower than 1.3% if I am remembering the deal correctly.

I know there are some investments that I could be making more use of which would be returning close to 8% or 10% yearly, but I haven't looked into them yet and they're fairly new, so there's no good indicators as to their longevity.














 

 

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November 11, 2017, 05:09:12 AM
#27

You are actually lucky to have 1.3% interest rates for a Savings Account in your country! Imagine on our country, our highest as of the moment is estimated at 0.75% only excluding tax rates  Cry It is literally putting your money down the drain since it does not earn enough interest to beat or even ride along with the inflation rate. Since our country is a third world country and people here are traditional and conservative when it comes to their finances, they all think that saving money in the bank is enough for their retirement in the future.

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November 11, 2017, 10:51:53 AM
#28

It's partly stupid low interest rates that make me interested in crypto. I have loaned out my coins on Poloniex for 0.1% per day - I highly recommend the CoinLend bot for that (it's free).

Currently I'm looking hard at Bitcore (BTX) - it gives an airdrop of 3% every Monday. I have a few $100 in it and so far it has been a good payer. I'm tempted to go all in..

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November 11, 2017, 06:25:09 PM
#29

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?
It's about the same to be honest, there is typically little in excess of 1.5% if you're lucky, there is maybe one instance I can think of that does have closer to 2% but you have to deposit a certain monthly amount into the account in order to maintain the interest rate, otherwise it drops and you don't have the same interest rate, it becomes lower than 1.3% if I am remembering the deal correctly.

I know there are some investments that I could be making more use of which would be returning close to 8% or 10% yearly, but I haven't looked into them yet and they're fairly new, so there's no good indicators as to their longevity.
Egypt actually has insanely high interest rates, something like 10% or more if I recall correctly. That's not going to be sustainable for them though, and the people of Egypt will likely suffer the consequences in the future.

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November 11, 2017, 06:28:28 PM
#30

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?

Yes I think that 1.3% is a joke and not enough because the banks will be earning at least 10% on your money, but unfortunately you cannot cut out the middle man, the bank also offers security so it's effectively a risk free investment and that is why people are so willing to accept a low rate.

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November 11, 2017, 06:37:57 PM
#31

Here in my place, inflation rate is much higher compare to interest rate that banks offer so if you are wise enough then don稚 put much money on the banks, you will loose some money because of inflation.

In our country as well inflation is at much higher rate than the bank interest rate. Now people are really worried because of this as actually they are in a loss as inflation eats up their savings as well and bitcoin is providing some hope to all the people that their investment will be fruitful in the coming time.

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November 11, 2017, 06:57:45 PM
#32

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?
It seems to me that you live in a country where there is no inflation. This is probably Paradise. Such interest should be enough with great difficulty to cover the losses from inflation. Maybe it's the rate per month? Tell me where is heaven on earth? Seriously it seems to me that is robbery. The banks are bullying people. You did not ask by what percentage the Bank gives a loan? You can be profitable to take a loan and buy bitcoin now?

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November 11, 2017, 07:21:35 PM
#33

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?

Which country you are living i dont know but here in my country the interest rate for Savings Account is 3 or 4% for national bank and some private banks are giving upto 6 to 7% interest rate if you keep balance in your savings account.

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November 11, 2017, 07:34:37 PM
#34

If the investment would be in BTCs it would worth a lot, but as it's fiat better to stay away... 1,3% is already too low compared to the profit we make just by holding Bitcoins with the aggravating that fiat loses price each new year. At first impression it can look a good investment as you just let your money resting at the bank with full guarantees of return after X time. But it's not.

Better to invest in BTCs or in a piece of land where you can buy cheap and build or produce something to generate income.

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November 11, 2017, 07:44:41 PM
#35

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 think that is pretty good for what banks give out I think at mine the average account has 1% and top accounts have like 3-4% but still it isnt much in the end. 1% doesnt even beat inflation if I were you I would have laughed and left that place right then and there. This is why banks will get phased out once people get smarter and learn to invest in ways that can help themselves they will stop using banks as much as possible.
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November 11, 2017, 07:47:16 PM
#36

If the investment would be in BTCs it would worth a lot, but as it's fiat better to stay away... 1,3% is already too low compared to the profit we make just by holding Bitcoins with the aggravating that fiat loses price each new year. At first impression it can look a good investment as you just let your money resting at the bank with full guarantees of return after X time. But it's not.

Better to invest in BTCs or in a piece of land where you can buy cheap and build or produce something to generate income.
The interest on bank deposits is guaranteed, while Bitcoin is very risky. That's why it's so low. But inflation considered only people who don't understand money would save in bank accounts instead of buying other assets of varying liquidity.

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November 11, 2017, 08:52:27 PM
#37

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?
Hah. You're at least getting 1.3%,be happy I should say.  The banks in the country that I live in provides interest of 0.2% per annum,that sucks and unfortunately I don't have a choice but to have a bank account with that bank because of my company's dealing with the bank, to have their own employees salary account in the bank and in return, the bank will provide overdraft facility and a few more premium facilities. Which brings me to cryptos, where you can trade and invest that money and get way way more then the 0.2% interest. Hell, I can even get double the rate of my investment. So if you want to go for that 1.3%,you can go, but from my point of view you can make a better use of that money.

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November 11, 2017, 09:34:11 PM
#38

If the investment would be in BTCs it would worth a lot, but as it's fiat better to stay away... 1,3% is already too low compared to the profit we make just by holding Bitcoins with the aggravating that fiat loses price each new year. At first impression it can look a good investment as you just let your money resting at the bank with full guarantees of return after X time. But it's not.

Better to invest in BTCs or in a piece of land where you can buy cheap and build or produce something to generate income.
The interest on bank deposits is guaranteed, while Bitcoin is very risky. That's why it's so low. But inflation considered only people who don't understand money would save in bank accounts instead of buying other assets of varying liquidity.

Yes and meanwhile the banks use people's money to make decent profit for them and share only little percentage... I believe if there were more concurrency of banks it would be better even with fiat investments. This way banks should compete among themselves to offer the best rates for investors.

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November 11, 2017, 09:48:07 PM
#39

Of course it's a joke to give you 1,3% per year while the inflation eats around 10% every year! I would confront her and say so you give me 1,3% and the inflation eats around 10% within one year and I will have lost 8,7%! Bitcoin and other successful crypto currencies had winning rates of hundrets or even over thousand per cent within this year and this clearly confirms what a fraud scheme banks are!

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November 11, 2017, 10:00:28 PM
#40

Keep in mind that the banking system became (sine the monetary revolution in the last century) a culture. Yes it's a culture of holding funds in the bank and we will get profits. Even we dont get it, but we are still convinced that the banking system is worthy safe and out of fraud, and that's what make banks profits from the funds depostied. Banks succeeded to install background culture that the bank is the safest place on earth to store everything then start raping people that their vision (culture) started to be the only solution. By now, that ideological power has started to be discussable in large perspectives with the rise of cryptocurrency as a real store of value.

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November 11, 2017, 10:04:40 PM
#41

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?

It is quite small in comparison to what can be earned if the same money is being converted into bitcoins and then invested. The take is quite high. I guess the lady that responded has no idea of what investment offers that can yield x30 of what they are offering. Well, the bank interest rate is somewhat sane generally and they have the mentality that it is a fair gain on what they are offering. When the opportunities in the Cryptocurrency currencies fully dawns on the general public then the bank will be exposed to the ridiculous interest they have been giving and still bragging about it.

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November 11, 2017, 10:11:47 PM
#42

That 1.3% is good enough, banks cannot offer us higher interest rate because our fiat cannot earn as much as bitcoin does unless otherwise it would be use in illegal activities. Bitcoin as of today can offer as much as 100% interest rate because its unstable and always fluctuates but if time comes bitcoin got fix amount we will also get fixed interest return on our savings and investment

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November 11, 2017, 10:17:13 PM
#43

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?
Just the same s yours , that's why I don't want to put all my money to banks because my money will just sleep there it's better to invest in on stock market or cryptocurrency only then can I expect to have a good returns in the future

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November 11, 2017, 10:44:27 PM
#44

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?
It is without doubt the biggest joke i can even think of. Thats why i made sure that i removed all the money that i had in my bank accounts and used it all to purchase bitcoins. Within this year alone, the value of bitcoin has already risen by more than 800% and though there has been some minor set back this week am sure it will continue to rise.



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tommy05
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November 11, 2017, 11:02:02 PM
#45

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?
It is without doubt the biggest joke i can even think of. Thats why i made sure that i removed all the money that i had in my bank accounts and used it all to purchase bitcoins. Within this year alone, the value of bitcoin has already risen by more than 800% and though there has been some minor set back this week am sure it will continue to rise.
I love to do that also my money on banks just  sleep there was no improvements even if I let it stayed for about 5 years I always lose because of the inflation ! much better if I will just pull it all out and invest in crypto and break that 1.3% per annum interest rate.

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November 11, 2017, 11:30:28 PM
#46

1.3% interest rates in Savings account??? that's a biggest scam ever..  if you going to invest in Bitcoin you'll see the interest rate for a month or even a year. i highly recommend bitcoin savings to all my family and friends

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November 12, 2017, 12:06:03 AM
#47

It is strange here to writing about banks' offers because it is totally another type of value storage, invest, risk and much more. I think that currently we should not compare any crypto to banks. Because most of crypto are not perceive in the same way as banks by people and goverments.
I can agree with you that sometimes the inflation is higher that a interest rates and we can only lost our money... What should not have place in modern world but it still has one...

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November 12, 2017, 12:22:28 AM
#48

That 1.3% interest rates is so low, but most people save their money at the bank specially those who running a business because they think that bank is the safest thing to do when you want to save and invest all your money. But it is a traditional way of saving money. Now a days, there are lot of ways to invest your money not just in a bank but here in bitcoin also where in not just 1.3% interest but a higher one which you could not imagine the increase of your money.

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November 12, 2017, 03:39:39 AM
#49

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?

it is very profitable with 1.3% and the bank interest with investment bitcoin is a different philosophy matter . although price growth in bitcoin differs considerably from bank interest, but subtance aboout cryptocurrency and money interest, have a many elements strengthen growth and this same  .

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November 12, 2017, 05:35:04 AM
#50

Obviously banks will always put a interest rate which is profitable to for them and not to us. This is really a joke where you keep your money at the interest rate of 1.3% while on the other hand the same bank will distribute the money as loan to other customers at the f* rates of 13% - 15% depending on the type of the loan they are taking. I mean thats ridiculous they earn all the way 10% commission by using our own money. Its better to take loan license and spread the eggs by all yourself. Earn yourself and keep the banks drained with your account. The devils of the financing sector!





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November 22, 2017, 12:20:09 PM
#51

If the investment would be in BTCs it would worth a lot, but as it's fiat better to stay away... 1,3% is already too low compared to the profit we make just by holding Bitcoins with the aggravating that fiat loses price each new year. At first impression it can look a good investment as you just let your money resting at the bank with full guarantees of return after X time. But it's not.

Better to invest in BTCs or in a piece of land where you can buy cheap and build or produce something to generate income.
The interest on bank deposits is guaranteed, while Bitcoin is very risky. That's why it's so low. But inflation considered only people who don't understand money would save in bank accounts instead of buying other assets of varying liquidity.

Yes and meanwhile the banks use people's money to make decent profit for them and share only little percentage... I believe if there were more concurrency of banks it would be better even with fiat investments. This way banks should compete among themselves to offer the best rates for investors.
The problem here is that most people don't know anything about finance, so they aren't even capable of conceiving the benefits of compounding interest. That's why so few people actually invest. As long as this doesn't change banks won't ever get into a situation where they have to offer better service either.

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