Most people earn at least some interest on their savings, but imagine if you had to actually pay for the privilege of keeping your money on deposit at the bank?
Sweden’s Central Bank just cut one of their interest rates to minus 0.5% today. It means that if a Swedish bank wants to polp money on deposit with their Central Bank, they have to pay to do it.It’s the same with the European Central Bank – they recently cut the interest rate they “offer” to Eurozone banks to minus 0.30%. So if an Irish bank wants to put your money on deposit with the ECB, they have to pay to do it too.
So basically you will get no return from the bank,instead of you earning interest you will have to pay the bank for saving your money with them,what next?
Luckily there is savings plans earning between 7-12% per year with Zurich,Irish life and Aviva.
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