basic question In my country banks give 0% interest for normal

>>1417161
I haven't ran across any 0% savings accounts, but most of them are in the neighborhood of .9%-2%. Most barely beat inflation, though.

>>1417165
That would be "paradise" for me.
So they *are* screwing us here.

>>>>1417165
Where do you get 2% for FDIC insured savings? I thought the best you could do would be 1% at a place like barclays or cap 1 360.

it's not really the banks screwing anyone, it's the global economy. deflation scares are here, and it might get bad. banks want higher interest rates, as they make their money with a normal yield curve. they don't set the rate, the market does.

>>1417161
OP here. Forgot to mention that it's also true for local currency, which has like 8% inflation rate!!!
Most people get payed through a bank account in local currency. Working class people and middle class profesionals (doctors) too. Makes me want to shoot bankers in the face!

>>1417178
I'm seeing conspiracy here, what can I say.
Can't a bank come along and say: we will fucking give you 0.5%, beating all others?
Ideally, at least match friggin inflation!
I'm keeping it under the mattress goddam jews!

>>1417161
I'm in Australia.
I have a 'savings' account with a local bank that has a 0.01% interest rate with no fees. I use this just as a transaction account of sorts.
I have an account with an online-only bank with a 2.3% interest rate with no fees. This is what I use for savings.

Inflation here was 1.7% but now it's decreased to 1%. But I really haven't put much thought into it so I could be wrong.

>>1417161
>are they just screwing us?
How are they screwing you? Are you under the impression that you have a God-given right to earn inflation-beating returns on a risk-free deposit? Grow the fuck up.

Interest rates, like all factors in a free economy, are subject to supply and demand. When banks want or need more cash to support their regulatory, liquidity, investing and lending needs, they raise the interest rates to incentivize customers to place more in their accounts. By contrast, when banks have more than sufficient reserves to support their operations (like now) they just don't need your money. As a consequence, interest rates fall.

Now that you've learned something, pt away the tinfoil hat and take the first steps into having an adult financial life.

>>1418481
2.3% is insane today. you're good for now. be wary as they probably will reduce interest rates soon.

>>1418611
>sufficient reserves to support their operations
Have you read the news? Large banks in Europe can't handle a stresstest.

>>1419400
Protip: a bank's capital needs aren't the same as it's liquidity needs