Banks offering only 1.3% interest rates for Savings Account

[Falmera]

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?

Actually I do not feel I can earn a profit in depositing my money in banks. Its the bank who can gain bigger with our savings. Aside from that, I feel my money is not safe in the banks. Better to invest my money in crypto world.

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[ecnalubma]

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?

You can't feel that interest growth unless you have millions of dollars deposits. The banks primary function is just to secure and lend your money to borrowers but calling it investment is inappropriate. I trust banks a little since I put some of my life savings there I don't really care about how much interests they gave I just want to keep my money secure since there's no secured options at all.

[Dirk2017]

Interest in investing is different from savings account in which you want your money to be keep by the banks in which it will earn 1.3% per annum. Bitcoin is much different because we invested it in which it will depend upon the fluctuation rate in the market which is very risky unlike in the banks they secure our money as savings with although low interest but stable and safe.

[Dothyrain]

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 the reality,  in our country banks give only .25% per annum to your savings. Banks are for security only not for investment. Banks will just use our money for their gain

[Barcode_]

It is not a surprise to see traditional banks offering such low interest rates on their savings account for their customers, and that is one of the main reason I would choose to invest most of my money by myself rather than keeping those funds into a savings account with the bank.

[douhancan58]

The bank is the low interest rate to take deposits, and then make interest rate loans to others!

That's how they earn it!

The emergence of digital cryptographic currency deprives Banks of large profits, so Banks are afraid of digital encrypted money!

[kamike]

The bank is the low interest rate to take deposits, and then make interest rate loans to others!

That's how they earn it!

The emergence of digital cryptographic currency deprives Banks of large profits, so Banks are afraid of digital encrypted money!

Exactly! that is why this should be an eye opener for those depositor as banks does not give fair rate of interest with your hard earned money, you are just having your wallet in a bank for a safe keep and the worst thing is that you are still obliged to pay for the tax on  the interest you have  earned. Unlike here in crypto due to volatility you are earning more of that.

[LienTHETRADER]

So funny the cashier was. She may be in a sarcastic mode that time who knows

[SummerBliss]

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?

The rare of interest on savings account in my country is a little bit higher than yours and lies between 3-4%p.a. but it's still good because they make this ratio after analyzing their profit share and they cant increase it. But the same amount if invested in crypto can yeild better results but it knowledge to choose right project otherwise you can loose all your money.

[joebrook]

So funny the cashier was. She may be in a sarcastic mode that time who knows

That's way no one is saving their money at banks anymore because these rates are very outrageous and it would have been good if they invested their monies elsewhere than giving it t the banks to do business with.

[CarnagexD]

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.

This is formally a moved by the system of banking where they want to initially stop Bitcoin development becasue most of them know that Bitcoin as a form of cryptocurrency had the opportunity to lose against to Bitcoin and other cryptocurreny.

[Silberman]

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.

Banks can ask to governments to change the laws to forbid bitcoin, but at the same time that is all what they can do, they know they cannot block bitcoin because of its decentralized nature so the reason they are trying to avoid banning it is because they know that when they do that they no longer have any other weapon against it and if that fails then everything fails.

[knackergays8]

You are talking of which country? USA? if it is so then i think the rate is all ok

[BagzMM]

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 the reason why most of the banks had much revenue as they only give smaller interest rate at 1.3% to the depositors. Yeah it's a joke which is far from investing at cryptocurrency. Since the popularity of crypto had become bigger this will be a threat to the banks as time goes by, no one will ever deposit to them as people will prefer to invest in crypto currency.

[hoaryaltitudev]

Thats a rubbish talk. there are way too many banks that give interest more than that -_-

[burner2014]

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 the reason why most of the banks had much revenue as they only give smaller interest rate at 1.3% to the depositors. Yeah it's a joke which is far from investing at cryptocurrency. Since the popularity of crypto had become bigger this will be a threat to the banks as time goes by, no one will ever deposit to them as people will prefer to invest in crypto currency.

Worst banks were even offering 0.005% interest annually for saving your money with them which I think is not fair enough, that is why they were so against cryptocurrency because of the earning that cryptos can provide with us that cannot provide by the bank.

[Silberman]

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.

You are mistaken, leaving your money in a bank has a lot of risks as well in most countries if your account is an investment account you are not covered by the government so if you lose your money you are out of luck, and even if you have a savings account and your money is protected by the government there is a limit and any accounts above a particular threshold will not be protected by the government.

[Zadicar]

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 the reason why most of the banks had much revenue as they only give smaller interest rate at 1.3% to the depositors. Yeah it's a joke which is far from investing at cryptocurrency. Since the popularity of crypto had become bigger this will be a threat to the banks as time goes by, no one will ever deposit to them as people will prefer to invest in crypto currency.

Worst banks were even offering 0.005% interest annually for saving your money with them which I think is not fair enough, that is why they were so against cryptocurrency because of the earning that cryptos can provide with us that cannot provide by the bank.

Basing on my experience and knowledge I do only knew about on banks which do offer 1-2% maximum annual interest but the interest you are talking here is way too horrible and I don't even consider it as an interest with the money we have saved on with that particular bank.Its way too unfair on depositors side,unless if you do put it on time deposits but still it isn't enough or considerable.They don't really like crypto because they do know its capability.

[STT]

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.

Thats why banking is so profitable.   They are literally lent money at no cost for almost a decade now.   Its part of how politics funds its budgets, basically creating inflation and requiring the banks to buy their government debt and so continue the ongoing system.  This is not capitalism. 

When you consider inflation, also look at headline interest rates.   They have been negative quite often and this is part of why the rates paid by banks is so low.   Banking should not be centralised to the state like this, this was one of the original aims of the communist state for example over a hundred years ago.

[chalkboard17]

That is why I never put my money into the bank for saving purpose. If I want to save my money, I buy gold or bitcoin. HOwever, I believe that it is not necessary to save money if you want to become rich. Investing is an activity which can bring us most of the money. Try to invest your money instead of saving if you want to become rich