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Author Topic: Banks offering only 1.3% interest rates for Savings Account  (Read 804 times)
Mikejones64
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May 22, 2018, 09:42:28 AM
 #121

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 some banks are fooling us.. 1.3% MONTHLY is not bad, but ANNUALLY? Are they serious?!
Bitcoin is far better than banks. If you invest in bitcoin,  you can earn 100% by a month. If they don't change their annual interest , banks might be gone after 50 years because of bitcoin.

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May 22, 2018, 10:33:22 AM
 #122

1.3% per annum compared to the rate of depreciation of fiat? I think I'll just invest my money. Why would i just let my money sleep inside a bank vault makibg the bank even richer and me having chump change for it if i can let my money work for me by investing. This is the reasons i don't trust banks.
banks only save our money without providing benefits other than a sense of security. but for the money in large quantities should be used investment, for example property that has little risk. or cryptocurrency which has big risk but big advantage too

Banks dont even have that kind of security you are talking about. If they got bankrupt you will find your money in that bank deducted. Their annual interest rate does not even compensate inflation rate that is why rich people doesn't have or few percentage of their assets in banks.

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May 22, 2018, 12:42:16 PM
 #123

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.
All the rich people they usually never leave their money in the bank. All of them will bring the money to Bitcoin and stock. others will invest in real estate and business

If we put money in the bank they do not make us rich, they only give us a fixed monthly income, I recognize that the bank is stable, not lose capital, but the income from them. not tall. If you take the risk and invest in the Crypto market you will earn high income and get rich quicker.

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May 22, 2018, 12:48:19 PM
 #124

If you put your money in the bank. You must know that it will not make you rich. But it will make your money more secure than to hold it on your possession or invest it to one thing that is not sure.

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May 22, 2018, 12:52:01 PM
 #125

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.

Yes as well in my country they were offering the same,  I guess it happens cause to the growth of people who saves money and they were now lacking for a way to make it bigger, and I think this is one of the reason why some people nowadays used to work here in Bitcoin rather than to be involve in investment banking in which the annual interest is undoubtedly low for the entire year that you will wait.

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May 22, 2018, 12:53:41 PM
 #126

I think banks are not built to make their depositors rich. If you want to grow your money. Invest it in stocks or in realty business. And don't put it on banks.

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May 22, 2018, 05:54:01 PM
 #127

^^ Banks are not returning interest by charity.  The deposit is a liability and they return some part of their profits because these people help fund their balance sheet.

Because we have central banking this effect is diluted to the point it has become lost.   Central banks lend to the banks instead and at a cheap price with newly printed money, the customer who deposits is devalued now.


I think some banks are fooling us.. 1.3% MONTHLY is not bad, but ANNUALLY? Are they serious?!
Bitcoin is far better than banks. If you invest in bitcoin,  you can earn 100% by a month. If they don't change their annual interest , banks might be gone after 50 years because of bitcoin.
Not just 1.3% but also consider inflation.  The future money you receive as interest payment is now worth less then the start of the year because of inflation.
If we include this effect the return is quite often negative, the money lost value.     I agree this makes Bitcoin more popular, its a massive effect overall.  Weak currency or loose money

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May 22, 2018, 06:03:02 PM
 #128

If I don't withdraw for a whole year I can get 1.50% interest rate, but as you said IT IS A JOKE! The buying power of money in my country is decreasing exponentially..And then the bank takes from you all kind of commissions so at the end you might even end up with less money depending on the deposit amount. Invest in stocks,gold,cryptocurrencies and real estates. Don't give money to the banks! They are making a lot more then that 1.30%/year on your money.  Wink

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May 24, 2018, 12:00:43 PM
 #129

There are still those places where people haven't gotten familiar with bitcoin, the internet or even computers in general, but I believe if the bitcoin has the opportunity to spread all over the world then it can make a significant change happen.

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May 24, 2018, 12:01:19 PM
 #130

1.3% per annum compared to the rate of depreciation of fiat? I think I'll just invest my money. Why would i just let my money sleep inside a bank vault makibg the bank even richer and me having chump change for it if i can let my money work for me by investing. This is the reasons i don't trust banks.
banks only save our money without providing benefits other than a sense of security. but for the money in large quantities should be used investment, for example property that has little risk. or cryptocurrency which has big risk but big advantage too

Banks dont even have that kind of security you are talking about. If they got bankrupt you will find your money in that bank deducted. Their annual interest rate does not even compensate inflation rate that is why rich people doesn't have or few percentage of their assets in banks.
Banks do not earn for you, they only provides security to your money and use your money for their own purposes. They will never make you rich and it is not shocking because it is their business. If you have guts to make more money with your savings then no need to keep money in bank accounts. There are thousands of businesses in the world. Try one.

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May 24, 2018, 12:13:46 PM
 #131

yeah sounds weird for us, but that was bank actualy work, getting money from a money they looking after a cent but for a thousand of people and thats how they getting their profit

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May 28, 2018, 06:57:54 AM
 #132

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 some banks are fooling us.. 1.3% MONTHLY is not bad, but ANNUALLY? Are they serious?!
Bitcoin is far better than banks. If you invest in bitcoin,  you can earn 100% by a month. If they don't change their annual interest , banks might be gone after 50 years because of bitcoin.
Did you think why banks give such a low percent rate? Because there is no fear of losing and you will have to do nothing just go every month to your bank and cash out your share. Bitcoin can give you thousands of dollars in one day but it is also very risky and you can lose your money due to fall in the price. This is the difference between banks and bitcoin.

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June 30, 2018, 04:56:29 PM
 #133

Putting money in a savings account at such a percentage is not beneficial by one hundred percent. While this money will be at you under such a percentage, inflation will destroy all your profits.

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July 13, 2018, 10:00:45 PM
 #134

Anyone who puts money in a bank at such a small percentage risk losing their money more than in the crypto currency. Just in the bank, you will not see how your money is being destroyed by inflation and this makes you calm.

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July 13, 2018, 10:08:32 PM
 #135

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?

No matter how the banks create different options for people to place money on them, investors will still prefer to use their capital on cryptocurrency because it was more profitable.

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July 15, 2018, 03:17:28 PM
 #136

When you have a savings in the bank you can only get i think 1.3% interest you can only get a small amount the whole year whereas if you invest it in real state or in cryptocurrency you can have a big profit.

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July 15, 2018, 10:25:09 PM
 #137

Banks are monopolists in their sphere of business, so I consider their services as their own interest. They can say that you will obey their options and you will, because you have no alternative to that,

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July 29, 2018, 06:32:08 AM
 #138

If you put your money in the bank. You must know that it will not make you rich. But it will make your money more secure than to hold it on your possession or invest it to one thing that is not sure.
Banks will not give you much money. But it keeps your money safe. This is absolutely correct, so the bank encourages you to send money to them. In order for them to get profit and retain fees they receive profits from the sender's transactions and receive money. Witness the user and receive service charges.

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July 29, 2018, 06:54:22 AM
 #139

In my country, the banks have paid 3.5% annual interest in the savings accounts in the last year. However, in the year 2015, it yielded -2.28% (considering inflation)
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