A Sudden Drop in the Interest On Savings
By ARIES1973
@ARIES1973 (11426)
Legaspi, Philippines
March 1, 2021 4:25pm CST
Back in October 2020, I posted about my savings plan and how I started using an app, a local app where we can save without going to the bank physically. I like the concept and started my daily saving routine which I am continuing up to this time. One of the features they were offering which enticed me to start using the app was the interest rate which is 3.1%, something which is not being offered by any bank in our country.
I religiously saved some amount and in fact, I already saved enough amount which I can start with my investment plans. However, when I logged in this morning, I was surprised to see that the interest rate suddenly went down to 2.6%. This is 5% lower than the original interest being given by the company.
I am planning of taking out my funds and have it invested in cryptocurrency which I am also currently doing. Could you share some ideas?
Here is a link to my previous discussion about it: https://www.mylot.com/post/3407857/my-saving-goals
7 people like this
5 responses
@May2k8 (18362)
• Indonesia
7 Mar 21
@ARIES1973 I don't invest in crypto but I still keep in the bank and make investments that are guaranteed to be low risk. In crypto I trade, so that doesn't mean passive.
1 person likes this
@ARIES1973 (11426)
• Legaspi, Philippines
7 Mar 21
@May2k8 Yes, crypto trading is not passive because we need to be aware of what is happening. I would probably buy more BTC when the price go down and would just keep the amount in my wallet and in Freebitco.in
1 person likes this
@ARIES1973 (11426)
• Legaspi, Philippines
7 Mar 21
That could have been the case because people can't go out. When the rate went down, I was discouraged and planned of withdrawing all my funds. But I changed my mind and withdrew only a portion of it and have it sent to my other bank. I was amazed by the fast processing so I think I will continue saving on this app even of the interest rate went down. It is still higher than most banks in our country. 2.6% is still a passive income and we cannot just get it from other sources without spending a lot of time and energy.
1 person likes this
@ARIES1973 (11426)
• Legaspi, Philippines
2 Mar 21
Most of our banks are also giving a very low interest rate. This is just an exemption maybe because since they don't have physical bank and everything is being done online, they can save on expenses. But now they lowered the interest so I am thinking of other ways to earn from deposit. Yes, cryptocurrency is a a high risk activity. That is why I am not placing more amount into it.
1 person likes this
@ARIES1973 (11426)
• Legaspi, Philippines
2 Mar 21
@Juliaacv Some countries are really imposing strict restrictions on transactions concerning cryptocurrency.
1 person likes this
@Juliaacv (50979)
• Canada
2 Mar 21
@ARIES1973 Some of the major 6 banks here in Canada have stopped allowing customers to transfer their funds out of their secure accounts into crypto accounts.
1 person likes this
@ARIES1973 (11426)
• Legaspi, Philippines
6 Mar 21
It's an online bank and they have no physical office. I opened an account and do all my transactions online. Unlike with my other bank where I can use the online features, I opened my account at the physical office. That maybe the reason why they have a higher interest rate because they don't spend on utilities and a lot of people.
1 person likes this
@ARIES1973 (11426)
• Legaspi, Philippines
2 Mar 21
This is an online bank and if compared to those regular banks in our placer, the interest rate from this bank is higher.
1 person likes this
