That doesn’t mean bank accounts disappear. Banks will still hold your digital euros for you and pay you interest so that they can invest your money and make more money.
Banks dont pay me interest any more, lol. I have to pay account fees. So that they might be so courteous as to take my money and enrich themselves with it
Either you have a lot of capital so you actually do get some returns from the bank for parking it with them, or you are very fortunate.
My german, bog standard account with a 100€ overdraft limit pays me like, 2 cents a year for having my account there. While billing me 10€ or so per financial quarter for the account. Granted i’m poor, so they cant make that much money with my “capital”, but still.
Here in the UK I get a 4.25% APR savings account. It’s completely free and I’ve already got about £20 in 2 months off just putting a little bit of money away each month. Up to £20k this is tax free as well, though I’m nowhere near that haha.
If you’re saving for a home you can also open a special savings account from which you can only withdraw for a downpayment on a first home where you get a 25% bonus on your deposits from the govt, up to £1k for £4k deposited per year, all that is of course also tax free. I got about £700 from £3k of deposits.
My day to day bank account and one I get paid into by work (also free ofc), I just empty right away and plug into savings so it sits there accumulating interests, then I live off a credit card for the rest of the month, which is interest free as long as you pay it off every month, and for every purchase over £50 you can split it across three months, without interest or fees too.
That doesn’t mean bank accounts disappear. Banks will still hold your digital euros for you and pay you interest so that they can invest your money and make more money.
Nothing changes.
Banks dont pay me interest any more, lol. I have to pay account fees. So that they might be so courteous as to take my money and enrich themselves with it
What?
Either you have a lot of capital so you actually do get some returns from the bank for parking it with them, or you are very fortunate.
My german, bog standard account with a 100€ overdraft limit pays me like, 2 cents a year for having my account there. While billing me 10€ or so per financial quarter for the account. Granted i’m poor, so they cant make that much money with my “capital”, but still.
That’s… crazy.
Here in the UK I get a 4.25% APR savings account. It’s completely free and I’ve already got about £20 in 2 months off just putting a little bit of money away each month. Up to £20k this is tax free as well, though I’m nowhere near that haha.
If you’re saving for a home you can also open a special savings account from which you can only withdraw for a downpayment on a first home where you get a 25% bonus on your deposits from the govt, up to £1k for £4k deposited per year, all that is of course also tax free. I got about £700 from £3k of deposits.
My day to day bank account and one I get paid into by work (also free ofc), I just empty right away and plug into savings so it sits there accumulating interests, then I live off a credit card for the rest of the month, which is interest free as long as you pay it off every month, and for every purchase over £50 you can split it across three months, without interest or fees too.
Real shocker to me Germany has it so expensive.