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Author Topic: Banks offering only 1.3% interest rates for Savings Account  (Read 804 times)
noel2123
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November 11, 2017, 10:17:13 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?
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
 #42

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
 #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?
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
 #44

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
 #45

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
 #46

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
 #47

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
 #48

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
 #49

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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AlistairJ
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March 12, 2018, 02:44:47 PM
 #50

When investing in bitcoin, no one guarantees profit and safety of funds. You can both earn 100% and lose everything.
Silberman
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March 12, 2018, 03:39:44 PM
 #51

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?
Giving your money to banks has been a bad idea since forever, even if bitcoin did not exist it will be a better idea to invest in stocksor in whatever other investments you may like, most banks offer interest rates based on the bonds in the market and if the interest rates bonds offer are low then the interest rates banks offers need to be even lower since they get a cut of that.
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March 12, 2018, 03:43:27 PM
 #52

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!

Not only that the interest were too low, some banks requires you to keep all the money without withdrawing them for such a long period of time in order to gain interests. 1.3% is still high as majority of the banks only give 1.25% with a maintaining amount balance of $20K. If you want a much higher rate, then go to a not well known bank where you will only share rates with few investors. However, this will put you much at risk once the instituition won't able to attract people that willing to trust their money in it.

When investing in bitcoin, no one guarantees profit and safety of funds. You can both earn 100% and lose everything.

That's where financial institution comes in, it doesn't guarantee you to earn profit through their ridiculous rates but it keeps you assured that the money you put in it is safely secured.
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March 12, 2018, 03:47:27 PM
 #53

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 not the worst option. There are banks that offer them to pay for what they keep your money. That's the reason banks have a monopoly on using our money. But now the situation is changing. Cryptocurrencies create greater competition for banks. This means that banks will do everything to destroy cryptocurrencies. We need to prepare for war.

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March 12, 2018, 03:58:56 PM
 #54

it is true that investing in our income bank is very few only a few percent, but there is an absolute advantage and not at risk.

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An0nyMoose
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March 12, 2018, 04:05:23 PM
 #55

You lose more than that to inflation itself so getting such a small percentage of interest rate is nothing but a joke. You can make that much in a day with Bitcoins.

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March 12, 2018, 04:24:48 PM
 #56

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

There were many banks that were supported by the government but failed at least in my country. In my opinion, only safe savings are the ones you are holding in your pocket. 1.3 percent% of investment is actually very low if you ain't investing a large sum of money. People which will tell  to the OP to invest this investment into cryptocurrencies probably don't recognize the value of hard-earned money. Every investment is risky.
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Even if the investment into the banks has smallest risk OP must decide for himself and compare the security of the certain banks to the others.

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March 12, 2018, 04:34:53 PM
 #57

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?
Keep our earnings in the savings account is just waste of it,you need to keep your money in banks if you don't want any return,but it is better to keep it in gold bars than banks.
But if someone wants high returs then investment os the option but it is not risk free so you need to decide risk free or high returns.

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March 14, 2018, 08:22:48 AM
 #58

When investing in bitcoin, no one guarantees profit and safety of funds. You can both earn 100% and lose everything.
This is risk rooming around your head. It is just like a sword hanging over your head that can fall anytime and cut your head. In trading or investing in bitcoins, there are profits and losses that can be your fate, according to your performance and concern. Nobody can assure that he will be getting profits every time when indulged in bitcoins trading or investing, you must be ready for both.

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March 15, 2018, 02:57:17 PM
 #59

yea its really a joke ever i heard. i mean even in india interest per annum is 4%
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March 16, 2018, 02:00:47 AM
 #60

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.

I think 1.3% per annum is quite low. In my country, that is also the case. It is a little bit funny because when we save money in the banks, we get low interest, but if we loan money from a bank, the interest rate is huge.


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