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Hi Bow Tie Nation here by Joseph Hogue and today’s video is more of a warning than anything. The interest rate on bank savings accounts is down 0.05%. That’s twenty percent of what it was last year, and a fraction of what you used to save your money. In the last few years, you could have access to high-interest savings accounts with a third interest rate and a 4 percent interest rate. And now it’s zero.
And this could be the beginning of a time when you PAY banks to save your money. The interest rate in Europe is already bad, investors have to pay the banks for a savings account!
Who Has The Best Savings Interest Rates
In fact, you are already losing money for every dollar you have in your savings account. Since the interest rate savings is below inflation, you lose about 2.5% of your income each year. For every $ 100 you save, you will lose $ 12 every five years.
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In this video, I will show you not only how to stop losing money with your savings, but also how to earn extra 150x with a high profit savings account. I will explain how to set it up, why it is not so good to be true, and let you know about the savings account that you will earn. Stay tuned and at the end of the video I will show you how to earn bonus money from your savings.
To understand what is happening and why things can get worse, know that when the Federal Reserve seeks to revive the economy, it reduces interest rates. You see, in just the last two years, the central bank rate has dropped from about 2.5% to zero. The idea is that when people earn less money from their savings, there is less chance of saving. The government is trying to get you to spend this money because why keep it in a savings account if you lose money.
So Chairman Powell and the Fed opened the printery and kept the tariffs close to zero. This has reduced the bank interest rate on loans to 0.05%, and even high-interest online savings pay per cent or less.
A typical family has $ 5,300 in storage and another $ 2,000 for emergencies. Even with a low inflation of 2.5%, it means you are losing $ 178 a year. That’s about $ 200 a year you lose because the total savings rate is below inflation.
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And this is about to get worse. Fed data shows that consumer prices rose 5% in the past month. You now lose 5% of your annual income in savings. With this standard family savings rate, $ 361 is lost annually.
There is a solution, but it is not clear to many. Well, you probably think this is too good to be true, so let me explain.
There is now a huge demand for stablecoins from investors, corporate funds and banks. Currently, stablecoins are a type of crypto currency that guarantees its value in dollars. It does this by saving a dollar deposit, so the price of stablecoin is always $ 1 each. For example, the USD or USDC coin is a stablecoin backed by a dollar in a repository.
And for amazing money like me, the way money is spent on business and finances is similar to the fourth July fireworks!
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Due to the speed and low cost of transactions, stablecoins are used to transfer international currency and to conclude contracts. Investors also use it in the arbitrage business, to borrow stablecoins to buy other cryptocurrencies and then to buy and sell different crypto platforms to make a safe profit.
All of this has created a huge demand for stablecoin loans, and cryptocurrency platforms can add interest to your deposits 100 times or more of what you earn in a bank savings account. . I’m going to show you these bets and this is what you should see. You open an account like any other online banking account, transfer your savings and save it in stablecoins, and you will earn this high amount every day when it is not and there.
Here you see the interest rates offered on the BlockFi platform that I use. I use the platform to make a profit on my Bitcoin and Ethereum, but once you go down you will see the rates offered for stablecoins such as USDC, Gemini USD, PAX and USDT. Interest rate up to 7.5% of your income!
I know it sounds too good to be true. It’s like I feel like a lot of people will sign up if they give a 4% APR just because you can be like, “Yeah, it makes sense.” But let me explain how they can do it and how it works.
Interest Rate Chasing In Your Savings Account
BlockFi is a crypto currency platform where you can buy, sell and exchange currencies such as bitcoin, ethereum and stablecoins. There are no fees for buying or holding your coins in BlockFi because it is not a way to make money. BlockFi borrows cryptocurrencies hosted on its platform from financial managers and retailers who have its need for financing and cancellation. Also, I will link to BlockFi in the description below to get a special interest rate increase on your savings.
BlockFi can earn interest on this loan and share a portion of that money with you in order to allow you to borrow your stablecoins. The platform requires collateral from lenders and sets credit-oriented rates that ensure that even if the borrower is in trouble, he or she will still be able to repay the loan. BlockFi also owns some of its assets with third parties such as Gemini and Fidelity and also restricts its exposure to ensure that it pays all interest due to account holders.
Understand that BlockFi is not a bank, so the money you have on the platform does not have FDIC insurance like a regular savings account. However, it follows the rules set by the federal government. In fact, it is one of the few cryptocurrency platforms based in the United States. It operates high-level online security and is regulated by the New York City Financial Services Department.
I use USDC for my stablecoin deposit, although they are all very similar due to the dollar peg. The US dollar is the 8th largest cryptocurrency with a market capitalization of approximately $ 26 billion and you can see power here at volume. Although only the eighth largest, its two billion coin makes it the sixth largest due to such demand.
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Creating an account wants to make fun of how easy it is. In fact, it will probably take longer to explain it than it takes to compile it.
You start with your first and last name, then look up your email address and select a key. You can create an individual account or your own business account and select your own country.
Yes, it is surprising that crypto platforms are no longer known by asking for some of this information, but it is still more anonymous than creating an investment account.
After that, you will provide your address, phone number, date of birth and source of your income. That’s all. You verify your account with a text message on your phone and you are less than the time it takes to call your bank and tell them to enter their 0% interest rate.
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Once you have a plan, it is easy to get a high interest rate like the money you have saved. You can deposit directly into your bank account and purchase stablecoins for that amount. This is transforming the digital economy because these stablecoins will keep their value at $ 1 each. You will earn interest every day when you have money in your account, and BlockFi provides a simple browser that will show you exactly how much you will earn. With that total family savings rate of $ 5,300, you can earn over $ 560 a year and over $ 5,000 in ten years.
Even better, you can now get the bonus rate increase on your stablecoins if you sign up with BlockFi using the link I leave in the description below. Because this demand is very high, BlockFi offers a 1.4% bonus on your stablecoin rate until the end of July. That is an additional $ 74 per year on average balance, compared to the $ 2.65 interest you would receive on a standard bank account. Seventy-four dollars or two dollars … the choice is yours! There are many factors to consider when it comes to obtaining the best bank rates. Different banks offer different interest rates and account options, so it can be difficult to know which one is right for you. This guide outlines some of the best banking rates and loans available, as well as some tips to consider when choosing a bank. We will
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