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.
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.