/biz/ - Business & Finance

>are savings accounts a good idea?
Sure, you can use it to store your emergency funds and it can be a place to temporarily hold large sums of cash that you're moving around / re-investing.

What does the account cost in one year?
How much % do you get per year?
How much can you save?

>>665553
>What does the account cost in one year?
If the answer is anything other than zero (besides opportunity cost), then it's an awful saving account.

>>665547
You're basically paying the bank to borrow your money

>>665547
Put your savings in a bond etf.

>>665547
are you employed? Do you plan on withdrawing any of the money that's being put into the savings account in less than a year?

>>665547
Yes, it is good to hold money that you are not otherwise investing. Open an online savings account because the yields are higher than one from a brick and mortar bank. Look for an account that offers around 1% APY and that compounds interest often (and also that charges no fees).

>>665583
Are they and daily savings compound accounts out there? All I see is monthly.

>>665587
I believe GE Capital Bank compounds daily.

>>665547
>are savings accounts a good idea?

this is probably the most /biz/ question ever

>inb4 NO BECOZ BANKS ARE OWNED BY TEH JOOZ

>>665547
depends. I have a savings account which gives me a 1 % interest. The inflation is around 1.5 percent per year here in the UK, so in the end I still lose on it...

>>665594
>BANKS ARE OWNED BY TEH JOOZ

Are they not?

>>667090
The big banks are public companies. You can buy a share and own it yourself.
>>667079
What you gain is extreme liquidity, which is the point.

>>667094
>The big banks are public companies.

Public companies that are owned by mutual funds, hedge funds, activist investors...

Who are owned by...

>>667104
>mutual funds
Lots of people.
>hedge funds
Rich people.
>activist investors
Not owned by anyone since slavery is illegal.

>>667105
>activist investors
>Not owned by anyone since slavery is illegal.

and not jewish, since that's also illegal?

>>667128
They can be, but they aren't always.

>>665554
savings accounts are awful to begin with.

>limited to 6 maximum outgoing transactions
>no debit card associated with account for personal usage
>horrible returns on investment
>higher rate of incurring overdraft fees when you attempt to make transactions with your checking account, because you've stored the money in the savings

just get a checking account that has a rate just below your typical savings account and save yourself the headache

>>665547
Do you think Isabelle would be a good mayor for the town?, I seriously hope that the next AC sets her as the mayor.

>>667511
Not true. That depends from bank to bank. I have an unlimited amount of allowed out and ingoing transactions on my savings account.

Also my debit card is associated with the account. My debit card has the same sort code as my savings account. It all shows up in 1 overview on my online internet banking overview and can transfer money between the 2 in seconds.

You just chose a shit bank...

What about a credit union? They seem to have higher interest rates.

>>668834
pls go sharky