AskLEO : Why interest rate for HBD is much higher than a Bank

What are interest rates?

Interest is what you pay for borrowing money, and what banks pay you for saving money with them. Interest rates are shown as a percentage of the amount you borrow or save over a year. So if you put £100 into a savings account with a 1% interest rate, you’d have £101 a year later.

Interest rate of Bank of England is 0.1%. That means If you put $1000 in the bank you will get 1001$ after one year. In US you can get up to 0.5% if you put your money in a private bank.

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Do you know how much HIVE give you back after one year if you put HBD into your saving?

It is unavailable. Acutally it is 10%. Wow I think you won't believe it.

But I don't want this money sitting in my account, even with the possibility of moving the HBD to my Saving Account and earn 10% per year.

This is from @luizeba stated in his post. I think I need to put my HBD into saving for one year.

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@luizeba This is what I need to do. Right?

Withdrawl period is only 3 days so it is very short comparing to the powering up HIVE. But it is exclusively for HBD.

My question for community is Why interest rate for HBD is much higher than a bank.

Posted Using LeoFinance Beta



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Whats the answer for the question?.

First thing its common in crypto to give such interest rates...rest I need to think over and ponder, on how they are able to give such interest rates when banks can't.

But personally, I would like to put my money in HBD savings than in banks for sure!!

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I'm glad that my post was able to help you a bit! 10% yearly interest rate is a VERY high rate, specially when you consider that HBD isn't a common token but a pegged one.

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I have not seen a bank offer interest since my 27 year old was three. Interest was a thing I saw that in my thinking was supposed to help people save more. Now I see it as banks giving credit to people for taking there money and loaning it out.
Now days banks are obsolete. What do we need middle men for?
It is time to learn about currency so we can handle our finances on our own.

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