Let’s be real. If you walk into your local bank to make a new account and you ask them about their interest rates…you’re about to have a pretty sad conversation. You would think that the banks would want to give you a real incentive to choose them over their competitors, right? Wrong. Unfortunately for us, they won’t even give us 1%. Many banks these days are offering a “high yield” savings account for the grand total of 0.5% APY. This means, if you were to deposit one thousand dollars into one of these “high yield” bank accounts and didn’t spend a penny for an entire year, you will make staggering 5 dollars. Oh hang on BENS HOLD UP HIS CELL PHONE. Inflation is at least 7%? Ok so you actually lost $65. This is not sustainable or fair and it’s why crypto is well on its way to changing the face of finance forever. When that happens, the banks will be the first ones to go. One thousand dollars has much more financial leverage than you think, but you have to look outside of the box of the legacy system for that to be true. There’s an array of crypto lending/ borrowing platforms you could use to outperform the banks, but today, we’re going to focus in on the high interest rate accounts available NOW using crypto.

0:00 Intro
1:29 Your money is not safe in the bank
2:56 Crypto landing services and saving platforms
4:15 How much APY you can expect?
6:09 Is it safe?
6:56 How they make money?

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#bitcoin #ethereum #crypto #highinterest #passiveincome

This post was originally published on BitBoy.