Savings account

[Anonymous No.12925784]

redpill me on savings accounts. So I put my money in it and the bank gives me free money? I don't get it

[Anonymous No.12925794]

if you're using the big consumer banks, you get no interest. if you're using online banks, you get about 2.25% back

[Anonymous No.12925814]

>>12925794
my bank says if I put $200 a month in I get 1.6%. It's one of the big Canadian banks

[Anonymous No.12925816]

yes. they are loaning out your money using personal loans and mortgages at higher interest rates (like 4 or 5%). so they are making money on your money

[Anonymous No.12925892]

>>12925784
Fractional reserve banking. Look it up. You fuel the usury of the Jew, they throw you a shekel for being such a good goy.

[Anonymous No.12926475]

They use your money so they can loan it to other people. They only keep 10% of your money and other peoples' money on hand for withdrawals. It's cheaper to pay you interest than it is to get the money from the FED. US banks are insured for up to 250k in case the bank goes out of business, so if you have more than 250k, you want to have more accounts with various banks. Interest rates are pretty bad right now but branchless banks like Ally and Synchrony are competitive.

[Anonymous No.12926487]

>>12925814
It's a different situation I guess. US banks have so much money on hand from deposits that they don't need to compete by raising interest rates. Consumers aren't looking for good interest rates also so they have no need to raise them.

[Anonymous No.12926761]

>>12925784
You put your money in the bank so Tyrone doesnt rob you, or so it doesnt burn down in case Hank fucks your gas lines up. In return due to inflation the bank takes a tiny tiny slice per year of your money since you gain no money on interest anymore due to the FED pushing people into riskier assets so they can be controlled. Then you buy BTC so you can lose your money on Shitcoins. Thats pretty much it.

[Anonymous No.12926769]

>>12926761
STOP BLACKPILLING AHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHHH

[Anonymous No.12926818]

>>12925814
1.6% is solid for Canada. Only slightly below short term government bonds. The banks makes money by lending and/or investing your money. On average they make more than 1.6% on your money.