Are these savings account interest rates for real?
I opened a savings account a year ago, and now that it's matured, the interest isn't even enough for a cup of coffee lol
When I think about how much prices have gone up, I'm just a fool for leaving my money in the bank.
8 answers
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For a 1-year term, what rate did you get? These days, even installment savings rates in the 3% range are rare—unless it’s a savings bank, it really wouldn’t even cover a cup of coffee lol
I also saw that last year and had a reality check, so starting this year I've been dumping everything into a high-yield savings account. There's no fun in depositing every month, so my consistency drops, but when you compare the interest, the answer is obvious... Still, if the goal is forced savings, installment savings are better. In the end, it seems to come down to what your goal is.
Well, that’s a bit much. A year ago, interest rates were already up quite a bit—but the price of a cup of coffee? Isn’t that an exaggeration? If you’d put in 300,000 won a month, the interest would have been over 100,000 won.
Before you just blame the bank, you did compare interest rates when you signed up, right? If you'd gone with a savings bank at the same time, there would've been at least a 1%p difference.
When you factor in inflation, deposits are no different... These days, a lot of people say it’s better to look into bonds or dividend ETFs than savings accounts. I switched over six months ago, and it’s put my mind at ease.
Got a source? It would be more convincing if you at least had a screenshot showing how much the interest was.
Ugh, I totally relate... I checked my account when it matured too, and I laughed at the number for ages lol. Forget coffee—it wouldn’t even cover a vending machine coffee.