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Traditional Bank savings is a worthless venture.

submitted by UncleDoug to Australia 3 monthsFeb 25, 2025 06:02:07 ago (+5/-0)     (files.catbox.moe)

https://files.catbox.moe/glxwjz.PNG

He noted that returns on bank online accounts were lower than inflation, with December quarterly inflation at 2.5 per cent compared to the average 1.75 per cent returns on online savings accounts.

Aussies with savings in their accounts have been warned to consider moving their money following a stunning bank change.

Your money is depreciating and FIAT is dead.

Warning for savers

Where are the crypto kings? Impart on us your knowledge, ohh doyen of investment.



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[ - ] Sector2 1 point 3 monthsFeb 25, 2025 10:46:18 ago (+1/-0)

Dunno about Oz, but in the US, money in a bank is nothing more than a debt the bank owes you. It's not your money after you turn it over to them.

[ - ] TheOriginal1Icemonkey 1 point 3 monthsFeb 25, 2025 08:50:00 ago (+1/-0)

Correct. Cash must be invested at some risk level in order for its value to keep up with inflation. Put it under the mattress and it loses value.

[ - ] Sector2 1 point 3 monthsFeb 25, 2025 10:50:45 ago (+1/-0)

Yes, there is some shrinkage to anon money you actually own. If it's in a bank or investment, it's no longer your money, although you may be able to get it back with less shrinkage.

[ - ] TheOriginal1Icemonkey 1 point 3 monthsFeb 25, 2025 21:29:44 ago (+1/-0)

When Covid happened and our local bank branch closed, we went to the next nearest branch and demanded a full withdrawal of our accounts, minus enough to keep it open. They coughed up $74,000 right now. I kept that money at home for a year.

[ - ] UncleDoug [op] 1 point 3 monthsFeb 25, 2025 16:32:02 ago (+1/-0)

That’s not what the article is saying. Under your mattress your money is worth less comparative to its future value, but currently in the bank it’s devaluing almost immediately. I even quoted the interest and quarterly inflation.

[ - ] TheOriginal1Icemonkey 0 points 3 monthsFeb 25, 2025 21:27:21 ago (+0/-0)

I wasn’t arguing with you.

[ - ] bobdole9 0 points 3 monthsFeb 25, 2025 15:57:56 ago (+0/-0)

Usual savings accounts can be as low as 0.5% interest.

It's not YOUR money they want.

[ - ] UncleDoug [op] 0 points 3 monthsFeb 25, 2025 16:34:31 ago (+0/-0)

It IS your money the banks want, they are making money trading your money on securities.
But now they are so greedy with fees and every nation is so impact with debt and inflation to control devaluation of finance, that your return is lower than the cost.

Here is $1, it will cost you $1.20 is the simplest analogy.