Interest rate going down from your bank account once again
By kingparker
@kingparker (9673)
United States
April 14, 2013 11:33am CST
If you bank with one of those giant banks, like Bank of America; Wells Fargo; Chase, you won't likely to get any advantage over your saving account, even your market money account also reducing the interest rate they are given you. I felt like it is useless, and a bit of waste if you simply put in large amount of money into those saving and money market account. The interest rate just slipping down and down. Other invest might be more promising than it. What do you think? What other investment will be less risky, and still earn higher return rate?
4 responses
@lakshmi11 (278)
• United States
16 Apr 13
Hey kingparker,
I have asked myself this question before as well. - This is what I found out.First of all think about it.- There was once a man who started his own bank. He made some gold coins and distributed it evenly throughout his community. Everyone had the same amount. Then he started to work with the gold. He told the people he would take care of their gold and they could store it at his house. Then some time later he met someone who had spent all his gold and needed some more. So he thought, I have this much gold laying around, I lent this to him, and then ask him to pay for the service by charging him for this service. So now as you might see, the gold he charged extra needed to come from somewhere and one day he ran out of gold. To help himself he started to write on the amount on paper and people thought no harm in this. The money is safe with him and this paper is just as good then carrying around all those gold coins. But the trick is that all the paper did not cover the amount of gold they had in the beginning. - So the banker made money and the people became poorer.-
See the movie 'Thrive' on the internet and you will understand even better what I am trying to tell you.- I was quite chocked because it all made a lot of sense to me.
@Zer0Stats (1147)
• India
15 Apr 13
I have always thought SB account are just there to receive money.If you want a better profit then FD account is always there but here I much more prefer investing in stocks.
@amundy8 (58)
•
15 Apr 13
I have had that problem even with a smaller bank, which why I like to diversfy. Although there is a risk in just about everything now, some are not as bad as others now. Everything seems so slow when it comes to paying you your interest you deserve, but when the tables are turned, banks and other businesses want their money now and won't hesitate to take the money from your sccount as soon as you turn your back. I am now using this business that I am in as a great profit-sharing opportunity and the interest is higher daily instead of monthly & treating me better than a bank. Check it out: http://www.addwallet.net/?id=amundy8