Interest Rates dropped from this month!
Whoever still thinks they can make money from the measly interest rates banks offer to people are plainly not using their brain. I do not treat my bank account as a place for me to make money. I only treat it as a “safe-deposit box” to keep my money inside. It’s safer that keeping all the money in my house, and also provides the convenience of card-based payment such as NETS and Debit Card.
But it simply is a folly to think that saving money in a bank account would make you money. A $3000 deposit would give you $3.75 interest per year! I would rather do something with the money than to “save it” as the banks always love to advertise! In fact, the last time I went to the bank, the person servicing me suggested of opening something in which I would “save” $100 every month. No way! I just told him a big “No, thank you very much.”
Even if I have a job and an income I would definitely not sign up for those “saving” schemes where you put aside money for the future. It’s all a waste, because no matter how much you put aside, it’s still nothing compared to what you will actually need in the future. It’s much better to create pipelines such as a business or an investment than to save up a little water from the buckets you carry everyday into a small water tank labeled “For the Future.”