The call money craze goes into the next round: 3% interest at the $INGA 📈💰
There have been some recent developments that may be of interest to many of us. Interest rates on overnight deposit accounts are gradually rising and banks are competing to attract customers with the highest interest rates.
One notable announcement recently came from ING: they are now offering an incredible 3% interest on their overnight deposit account, and not only for new customers, but also for existing customers (for the first 6 months).
But what is behind this "call money madness"? The answer is simple: ING and other banks are looking to attract new customers and retain existing ones in order to grow their business. The rising interest rates are a reaction to the general rise in inflation and a way for banks to offer their customers a higher return on their savings.
As investors, it is important to keep an eye on these developments and carefully consider which overnight deposit offers are best suited for our needs. While a higher interest rate may be tempting, we should also consider the bank's fees, terms and security.
My savings are currently in my Trade Republic clearing account, on which I currently receive 2% interest. That's why I decided not to switch to ING.
What do you guys think? Would you switch to another bank for higher interest rates or are you happy with your current interest rate? 💰
