interest rate half a percent? shove it up your ass

firstnamelastname

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last year I checked around various banks for CD and I found interest rates as high as 3%
I kept thinking about it "now is not the right time" "maybe i want to invest in stocks" "maybe I could find something better"
now I went to look up rates and it's half a percent. fucking 0.5%
I am not even gonna waste my time signing the paperwork for half a percent. shove it up your ass.
 

BassTrackerBoats

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Just checked a couple of my accounts as I have not been paying any attention as I know the rates are low.

First one is my checking account and the second is a money market account with the same bank.

Neither one has any real value but those are the going rates.

PW8WIOS.png


sxhzDlp.png
 

lifehero

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Just checked a couple of my accounts as I have not been paying any attention as I know the rates are low.

First one is my checking account and the second is a money market account with the same bank.

Neither one has any real value but those are the going rates.

PW8WIOS.png


sxhzDlp.png
i can confirm this with you as well. i just checked mine and i have .1 on my checking and .60 on my savings. they were lowered from like .15 and 1.2 or something really high. ally bank. makes me want to spend all of my money
 

tazarbm

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the bank is an organization who lends you an umbrella when it's sunny outside and takes it back when it's raining
 

Hanzo_AA

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Yes, they are a joke. Doesn't even cover the cost of inflation if you think about it. Apparently Indian banks have fantastic real interest rates - interest as high as 7% shouldn't be too surprising in good times, basically as good as a decent grade corporate bonds (though lending is another story altogether), but yeah that's the reality in most countries, at least in the west. It's essentially some kind of ponzi scheme. Go to a bank and ask for your 500k and see what happens. It's because it's not even all there.
 

plottsch

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Savings accounts aren't for saving! They're for emergencies, large upcoming expenses and preparing to invest in something real. Therefore, the rate is actually irrelevant.

Part of the reason stocks, bitcoin and everything else performed so well in 2020 is that rock bottom interest rate. Whenever the Fed decides to increase these, it's game over.


Yes, they are a joke. Doesn't even cover the cost of inflation if you think about it. Apparently Indian banks have fantastic real interest rates - interest as high as 7% shouldn't be too surprising in good times, basically as good as a decent grade corporate bonds (though lending is another story altogether), but yeah that's the reality in most countries, at least in the west. It's essentially some kind of ponzi scheme. Go to a bank and ask for your 500k and see what happens. It's because it's not even all there.

This is a superbly idiotic comment. Look up India's inflation, historic decline against the dollar, and list of banks that have defaulted over the last 20 years. For all the news about US politics, India is a systemically more unstable and risky country. I think their interest rates are fairly priced given the risks, especially for foreigners. Your risk-adjusted return does not improve.
 

Songhort

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Where I live, banks offer 0.0% for everything under 100k, and penalties for everything above :)
 
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