>Put money into bank
>They pay me $30 a month (not even accounting for compound interest) just to keep it there
Literally free money, why don't more people do this?

>$30 a month
ngmi

You do know those banks are using your money to give out loans and invest right? They are legally only required to keep 5% on hand of what you give them.

erm it's not technically free since it's just matching inflation but I also have a capital one hysa so I get it

>>81931344
Fractional reserve banking, dummy. What do you think that means?

>>81931277 (OP)
>0.3% interest
That is abysmal. Wait til you learn about ETFs and government bonds.

>>81931752
That's the monthly interest rate. Multiply that by 12 and you get 3.6% annual. That's pretty good.

>>81931277 (OP)
>arkanine retard discovers time value of money
good job, mate
>>81931835
indeed. but the money market rate is at 4.3 so you are still getting ripped off

>>81931277 (OP)
wait until you learn about an index fund
but yes, if you are not investing you should at least stick shit in a savings fund

>>81931851
What is the Money market?
I'd like to buy a $50 bill for $20. Is that the kind of transaction they offer?

>>81931277 (OP)
That's a return rate of 3,6%, pretty shitty.

>>81931277 (OP)
If it's anything less than inflation, you're literally losing money.

>>81931277 (OP)
>30$ a month for 10k
The fucking inflation works faster than this, you're literally losing money so that they can get richer investing your money.

>>81931277 (OP)
they do. problem is the rates are like 3% now, mine just went down again to 3.5% from a high of almost 5% late last year. i moved a bunch of my HYSA money around, a bit into stocks to short, and quite a bit into precious metals as a surrogate saving account as well as buying some gold and silver every paycheck. kind of regret not getting something like fractional bitcoin at it's low but i also don't trust crypto enough. i also have no idea what i'm doing it's all gut feeling purchases at this point.

>>81931277 (OP)
>why don't more people do this?
Idk I just prefer to work and hoard the money