Savings Account

[dreamy]

Is it wise to have savings account? I mean the interest is so insignificant that it doesn't make sense to me. Do you have savings account? What do you think?

[trent]

Most people in Canada, US and Western countries in general cannot save at all and live paycheck to paycheck. With all the newly printed money around the world, inflation is heating up, which makes savers losers. I'm sure that most savings accounts don't pay enough interest to cover inflation. The reason why commodities and precious metals are going up in value is because people are shifting money from paper assets like stocks, bonds and fiat money to real tangible assets. That's the only way to protect wealth, from inflation.

[dreamy]

Originally Posted by trent

Most people in Canada, US and Western countries in general cannot save at all and live paycheck to paycheck. With all the newly printed money around the world, inflation is heating up, which makes savers losers. I'm sure that most savings accounts don't pay enough interest to cover inflation. The reason why commodities and precious metals are going up in value is because people are shifting money from paper assets like stocks, bonds and fiat money to real tangible assets. That's the only way to protect wealth, from inflation.

This is the sad truth... People can't save money for emergencies or for retirement... I think the interest for savings account now is 2.75% ...

[Canadian]

People can't save anything, and yet they bid up already inflated housing price. Go figure. I guess it's the greed talking, but soon enough we'll see the greed turning into naked fear and panic.