Banking choices
By maximax8
@maximax8 (31046)
United Kingdom
September 13, 2011 6:32am CST
Years ago interest rates were high like 10% now the best ones are about 3% and some accounts hardly pay anything. Some people like branch banks to have their money in and other people like Internet saving accounts. After getting fraud on my Facebook account I don't have confidence in Internet banking in case it all went wrong. I was told my tax free saving account now has 0.1% interest and I want to move my money into a better paying account.
What do you think of interest rates at the moment in your home country?
Do you think Internet banking is safe?
Why do High Street banks give such low interest rates?
5 responses
@GemmaR (8517)
•
13 Sep 11
I think that you have to be more careful than ever in this financial climate because you don't know whether you'll still be able to stay in your job for much longer. This means that you need to use the bank account that you think is the safest otherwise there's a small chance that you might lose your money. I don't use online banking companies because, at the end of the day, you just don't know whether you can trust the places that you don't have physical shops to go into if you have any problems with your money.
@johnscoolplace (389)
• United States
13 Sep 11
As far as online banking goes, Most banks now offer online banking. If you find an internet bank that you have never heard of that offers a high amount of interest be Leary about that one some that I know of pay up to 3% but the requirement is to have 25,000 or more in your account. There is a place on the FDIC website that you can check the bank out to see if there registered. if your online bank is registered with the FDIC you have nothing to worry about. Keep your passwords and accounts secret though. If a bank fails such as ALLY that offers almost 1% on the money in your account you have nothing to worry about since the government will pay you back what you own.
Yes Banks could pay 2,3,4,5% interest to there customers but right now since there borrowing money from the government at much lower rates why would they pay those types of interest. I'm sure that once the government raises what they charge banks to borrow money from them they will start raising interest rates again.
I bank with many online banks all for many different reasons and I'm not worried at all I have checked out there FDIC credentials and know that my money is safe.
Online banks have less overhead so they can pay more interest to people, No building costs/Lights/Electricity because they are at a central location online only so that everything is done in one spot. I highly recomend ALLY, and FNBO Direct. these are banks that are online, and yes I believe FNBO has a branch.
@bounce58 (17385)
• Canada
18 Sep 11
I was just in the bank today to withdraw some money. Aside from this checking account not earning any interest, I was also told that I would be charged a fee because I've gone over the limit of transactions per month!
I can't believe it!
But hey, they say our banks are the most steady as compared to the rest of the world. And now we know why!
But hey, they say our banks are the most steady as compared to the rest of the world. And now we know why!
@frankiecesca (2489)
•
13 Sep 11
I try not to get too stressed about banking as otherwise I would be forever changing banks! Lol I do like being able to use internet banking and prefer it to having to wait for statements or going to a cash machine
@venkatachary (1165)
• India
13 Sep 11
In India Nationalised Banks are safe to invest. The interest rate not much
attractive but the money will be safe. In India, The Reserve Bank of India controls the Banks.The measure taken by the RBI keeps the bank running safe. In internet banking, you have to be very careful and you must always watch your balance in the account.In India many people do not like to take loans and the Banks also do not liberally disburse loans and so , the money will be safe in Indian Banks.
@cow_boy29 (236)
• United States
14 Sep 11
hem i think is better yu buy gold than you save in the bank, gold is the best invetsation
