Mmm... Interest on Bank Deposit

SAM · Post by **SAM** » Wed Jul 09, 2008 11:37 am

Is there still a thing calls interest you received from your bank's deposit?

I figure out that I received a total amount of slightly less than USD 9 from my bank's deposit for year to date. This haven't even subtract all the charges my bank debit from my a/c...

And that's not much more than the amount of coins I pick up on the ground...

GaijinPunch · Post by **GaijinPunch** » Wed Jul 09, 2008 11:41 am

Depends on where you are. Anyone would laugh at the interest I get in my regular bank account here in Japan. I left in like $20,000 for a year, and my interested was $3 or some shit.

moozooh · Post by **moozooh** » Wed Jul 09, 2008 12:00 pm

I think it depends on the specific deposit types offered by different banks. I often see ads in subway that promise interest in orders of something like 4-5%/year. Better than nothing, but the inflation rate here is twice that amount (11.9% as of 2007), meaning the deposit money won't magically multiply and net you a fortune if you just leave it there for a few years.

benstylus · Post by **benstylus** » Wed Jul 09, 2008 3:08 pm

yes, as was mentioned, don't count on interest for building wealth - it's a nice perk for the money you keep in the account, but you're better off investing the majority of your money and just keeping enough in the bank for your regular expenses plus maybe a month or two worth of "emergency cash" if you need it.

indstr · Post by **indstr** » Wed Jul 09, 2008 3:11 pm

Yep, it's frustrating ...

http://www.thesimpledollar.com/2007/04/ ... our-money/

SAM · Post by **SAM** » Wed Jul 09, 2008 3:21 pm

With such a small amoung of interest, I am actually "paying" the bank for keeping my money, after taking into account of all the bank's charges...

But that's still doing better than my stocks profile...

indstr · Post by **indstr** » Wed Jul 09, 2008 4:21 pm

SAM wrote:With such a small amoung of interest, I am actually "paying" the bank for keeping my money, after taking into account of all the bank's charges...

But that's still doing better than my stocks profile...

Might as well hide it in the matress then dude

Minzoku · Post by **Minzoku** » Wed Jul 09, 2008 4:32 pm

SAM wrote:With such a small amoung of interest, I am actually "paying" the bank for keeping my money, after taking into account of all the bank's charges...

But that's still doing better than my stocks profile...

What kinds of charges? Can you find a way to cancel out the charges, such as "no monthly fee for direct deposit"?