Mylot vs. Banking Interest.
By ipissakusina
@ipissakusina (930)
United States
August 2, 2010 9:53pm CST
so guys, as of many of us have a bank account, savings or checking maybe both, i figured that the interest i earned from my bank account is way less than what i can make from Mylot.
Imagine, for my savings account i earn 0.17%. so if i have let say $500 in my bank that means i earn 85 cents per month. though im not pretty sure coz i never made 85 from my account ever. even so, with my few post a day i can earn, more than a dollar.
what do you guys think? am i right?
2 people like this
6 responses
@khayshenz (1384)
• United States
3 Aug 10
Yes you are definitely right!! Especially with the rate of interest these days, it's only about 0.1 % if you have a certain amount of money. You're barely making anything. At least if you're on mylot, you're making some cents and get to give an opinion, and in some way, get to vent. I've definitely made more cents in here in one day that I have made in my checking/savings account for the last 3 months combined.
@ipissakusina (930)
• United States
3 Aug 10
thank you my good sir. i checked my statement again and it's not 0.17%. it's 0.017% i eyeballs almost drop out! that's not even a cent for a month! and i feel sorry for my self i let them use my money for a fraction of a penny!
@khayshenz (1384)
• United States
3 Aug 10
Hello, just a quick note - I'm actually a woman. Hehehehe...But yeap! Interest rates are nothing unless you're a millionaire!
@gloryacam (5540)
• Philippines
3 Aug 10
I think that depositing your money in the bank earns the least income in terms of investing your money. And, depending on the type of account you have, the interest varies, and some checking accounts do not earn interest. As it name implies, the main purpose of depositing your money is really just for saving, and in case of checking accounts, for facilitating your payments. You would definitely earn more in MyLot. It is an active income - you earn depending on your actions (how often you participate), compared to banking interest which is a passive income (earns money even without active participation from you).
@ipissakusina (930)
• United States
3 Aug 10
i agree with you. but it was just too low. i compared the interest you can earn in different countries, especially in third world countries, you can earn more than a nickle with $500. so maybe banks in the US, where i live now, should do the same. anyways, i enjoy spending couple of minutes here in mylot :D
@suryachalla (1369)
• India
3 Aug 10
How did you come to that figure of 85 cents? And how did
you come to the figure of 0.17% interest for S/B?
How can you compare earnings from bank (interest) with earnings from
mylot, where you have to put in effort and spend money for electricity, broadband connection and take into consideration the investment in your computer!
You are forgetting a number of things!
Anyway, I don't mean to upset you but be more specific when you arrive at figures. You seem to be happy. That's what matters!
@suryachalla (1369)
• India
3 Aug 10
How did you come to that figure of 85 cents? And how did
you come to the figure of 0.17% interest for S/B?
How can you compare earnings from bank (interest) with earnings from
mylot, where you have to put in effort and spend money for electricity, broadband connection and take into consideration the investment in your computer!
You are forgetting a number of things!
@zed_k4 (17589)
• Singapore
4 Aug 10
Haha.. good theory.. I think that's quite a good comparison you've made there. Sometimes bank interest is so slow.. as compared to the earnings in the lot. Though we don't need to do anything to gain the bank interest, just stash money inside, but in the lot we have to interact...but tis fun.
@sn_2818184 (328)
• Hong Kong
3 Aug 10
Comparing to the banking interest in Hong Kong, 0.17% is a very good rate already. I just don't know if I can get 1 cent at the end of the year if I put $1000 in my bank.
Nonetheless, you are just putting the money in the bank and do nothing. Here in MyLot, you are typing hard to post so as to earn money. Thus, I think it makes sense that we are earning more here in myLot.
