Current Events > Savings Accounts used to give you 5% interest back as cash

(+) Yeah! (+)

https://www.youtube.com/watch?v=7FIZ3gi5KR4&list=PL4RaSiGWHbPJVulK10l-KfH4woDEBorCJ

Turns out the reason is to force people to use the stock market. They make more money if you are using your money by putting it into the stock market so they don't want you parking it in a savings account.

From another video they call this inducements and incentives.

Defined:

Some industry members confuse inducements and incentives. An inducement is anything offered by a brokerage to a specific person to induce that person to enter into a specific transaction. An incentive is something that a brokerage offers to the public at large to attract business to the brokerage.

Just as an aside, if anyone is in a conversation with a person talking about how great the interest rates used to be, just kindly remind them they were also paying like 12-15% interest or more on their house as well.

There were some good crypto savings accounts but unfortunately that's all regulated by the fuckfaces at the SEC.

NoMeLx22x posted...

Just as an aside, if anyone is in a conversation with a person talking about how great the interest rates used to be, just kindly remind them they were also paying like 12-15% interest or more on their house as well.

They don't care about that

NoMeLx22x posted...

Just as an aside, if anyone is in a conversation with a person talking about how great the interest rates used to be, just kindly remind them they were also paying like 12-15% interest or more on their house as well.

Comments mentioned this but then also reminded everyone else how cheap housing used to be.

5% return on investment is terrible, there are way better places to put your money.