Yesterday, I received a notification from my bank announcing yet another savings account interest rate reduction, effective the first of September. I do understand that this has much to do with the upcoming recession and the overall slowdown of the world’s economies. But mind you, this is the same bank that have emailed me several times in the past, encouraging me to open an investment account with them.
I have been shown graphs and projections of how my money will almost certainly grow in the investment account, and how sorry my savings account balance will be in comparison. If the investment department of this financial institution is so confident, why is it not using my savings to invest in things that pay better returns, thus making money for both of us? Instead, I was prompted with all sorts of marketing tricks, and lured with small cash gifts. There has been quite some efforts on their part to make me move my money from savings to investment.
Again, why can they not just use my savings (or part of it), invest and make profit, charge a small commission, and then pay me better interests?! I am not smarter than a financial institution, so there is no way I am sticking my head out into the chaotic free markets. So…what the heck?