As time is passing inflation rates increase yearly. But the traditional banks are still paying the same rate of interest. Sure a few months earlier the rates did increase a bit but still, it is not good. I think this is the main reason why people are not keeping their money in banks anymore (not all are doing that). If everyone will do that it will be a disaster for sure. We have seen. Recently how a few banks did that, and most of us are in fear for sure. can you Imagine today you sleep and the next morning you will see the news that the bank is no longer a bank? You do have your entire life savings/earnings in that bank, you will surely get an amount that is sure not going to cover all the loss.
We are blindly trusting the banks that they will keep money safe but the reality is they are spending that money. sure that is the way how banks do work and we all are kind of used to f those things from generation to generation. But I think after this generation will over then will be so many things that are going to change for sure. The amount they are giving for the money you are saving there is giving you nothing 2.7% yearly returns in a savings account really. before covid, it was 3.5% that time. The interest rates did get increased last month but still nothing. it was 2.5% before now it is 2.7%. when they have to increase they did that by 1% and when they have to increase the rates now they are increasing it by points.
Do you really think that the money you have in the banks is safe, many peoples are investing their money more as compared before this is not a good thing for banks. If no one will deposit money then how they will earn?
screenshot from my net banking website.
While exploring my internet banking website today after a very long time, I did notice the rate of interest that is per annum. lol, I do earn more than on hive. either its hive power or its HBD. That makes me think why not invest more here?
The above rates are the interest rate of my saving account and the below interest rates are of my few fixed deposits and Recurring deposits. Even if I will add all the interest rates of my three RD and FD that is not much if I will start comparing that with the HBD interest rates which are 20%. so investing in HBD is surely worth it no doubt about that.
Sure there is no guarantee of your money is safe online or not, you have to be very careful about that. I have seen many cases of losing their accounts. The reason was simple they used google drive to save their IDs and passwords. that is really a bad idea for sure. Try to keep your id and password safe offline on your computer and keep a few copies of that too. A printout would be better.
I am not saying that hive is the only one where you can invest your money there are many more platforms available where you can invest your money and do get better returns in back. Remember one thing the more the returns the more the risk will be there.
Not financial advice invest in your own risk
see you in the next post, till then keep learning and keep exploring...
If you are new to the splinterlands game then feel free to join my referral 😁
