1.03.2007

Banks- Gaining Interest Rather Then 10 Cents

I remember a time when i had a mere 85 dollars in my bank account, and every month, when i would collect interest, I would get 1 cent every month. Now I obviously have a lot more money in my account, but I’m still getting very low interest. I know a bank that would give me a much better return, but I’m just too lazy to go there. There’s no excuse for you not having enough time. If i had taken an hour or two to get a better account, i would have gotten at least 10 percent of my money in interest. So even if you’re quite happy with your current bank, it’s always a good idea to look around for some that pay better interest. And before you open an account, make sure you check for any fees whatsoever! Some banks can actually have you LOSING money in a savings account! Check out all your options for an account to hold money. GIC’s are really good for kids who don’t want to spend their money and are only interested in making more. They give a lot more interest in a much shorter period of time. But if you want constant access to your money, a GIC is not the option for you. They have a minimum amount of time until you can take your money out, which is normally 6 months. And if you’re just a kid with not much money or you’re looking for an account to hold your only money and you can’t afford to lose it, don’t put it into an account with a risk factor, no matter how low it is. Remember, taking loans out of banks is a sin unless mandatory. Rates on bank loans can cause blindness, paralysis, or even, in extreme cases, death! (just kidding) Banks don’t make money by giving it away. The loans they make interest off of need to make more interest then they are paying to customers!

3 comments:

theman said...

that is very “INTERESTing”

did you ever notice that the word MORTGAGE has the latin word for death as the root?

MORT=death !!! is this a coincidence? i think not!

Heather Kaart said...

Have you investigated high interest savings accounts? They provide liquidity + good interest rates.

Munnybagz said...

I know that most of the ING accounts are very good, giving 3.5 percent for just a savings account. And they have no fees as far as I’ve researched.