Banks and their interest rates

[admin]

I'm really upset to know that this day and age, we are hit will low interest from banks and credit unions,
About 4-5 years ago interest rates were around 9-15% now its less than 6%
They are making all the money and we as the customers just hoping that we could get a little more. What you guys think?

 

[V2nr 3.0]

What's even more crazy is that a particular bank is charging 5ttd to cash cheques

 

[Sky22]

What's even more crazy is that a particular bank is charging 5ttd to cash cheques

:shock: Wtf? You know how long i ain't cash a cheque.. What so hard for the bank to cash a simple cheque that they have to charge $5. Steups

 

[BrotherHood]

Well banks, like insurance companies, didn't open up business to lose. The interest rates just decrease to attract more customers.

 

[admin]

Its best to keep your hard earn money at home. You're not gaining any interest, every month they charging you maintenance fees and other fees and they are using our money to buy stocks. In turn making millions from your money and who is losing out we.

 

[Steven Ramadar]

My dad has that mentality but what if there's a fire or robbery

 

[Sky22]

My dad has that mentality but what if there's a fire or robbery

Fire proof safe that can be easily hidden & concealed

 

[anthonemorris]

Let's see if we can't get some clarity here. Yes banks make millions on our investment (salary passing through), but that is usually because of the kind of account we have with them. Basic accounts like these make no interest whatsoever. They charge a fee to hold it for u. There are accounts that can earn interest( not short term, nor is it much interest) but we have to go in and ask about how to o make your money work for you. They don't ever tell u how unless you ask. Keeping money home is wasting interest as far as I'm concerned. If you want to gain a profit, you have to invest in something. We have a stock market, investment funds, etc which people don't know of or don't care to know of which yield dividends. Fixed deposit accounts are long term profit. Banks are only for storage of money, nothing more. They invest to build their asset base, not yours. For you to build like a bank, invest.