It’s a pity that we’re not given a clear idea of what we should expect on our interest rates when we sign up with banks so we can gauge investing with them is worth it.
At this day and age, it’s quite difficult to compare banks. I say this because banks are already going head to head by trying to win us with adverts that can be quite confusing because you just don’t know which bank is best for you. Although you can do your research, it is unfortunate that banks have a way of covering up their interest rates just so they don’t push us away.
Having had a chat with a friend of mine recently, she complained about how a certain bank didn’t live up to its expectations. This was a bank that came highly recommended and she grew wary of her investments with the said institution when some of its branches around Gauteng had to retrench workers.
My friend explained to me that 15 years ago, she had invested a sum of R10 000 into her account. By investing this amount of money, she thought her interest would be substantially more than what she received.
She recalls that her paperwork had taken two to three weeks to complete and she already knew that this wasn’t the bank for her, but she invested with them, nonetheless. She says her investment of R10 000 only earned her an interest of R265. I was shocked at this revelation and it became clear that banks just want to make a profit for themselves.
I find it a shame that we can’t directly investigate the interest rates financial institutions have to offer until we witness it reflecting in our bank accounts.
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