It happened: The interest rate for private deposits becomes negative
This has never happened before in Germany. According to figures from the European Central Bank (ECB), you now have to pay to put your money in the bank. To do this, the ECB examined the interest rates charged by banks and savings banks for new deposits. These are penalty interest rates. Negative interest rates have been around for a while, but now savers are being penalized for saving.
The banks themselves have to pay negative interest on money they give to the ECB. This has been the case since 2014, but the deposit rate was 0.1 percent then and is now 0.5 percent. Among customers, the banks call this interest that they pass on a "deposit fee.
The ECB is concerned with the stability of prices and currencies, with an eye to possibly boosting the economy. The interest rate cuts are also intended to help achieve the inflation target of just under two percent. So far, the ECB has not succeeded. According to a recent survey, confidence in the ECB is waning, with only 43 percent of Germans still trusting it.
Not every bank customer has to pay negative interest, as it is often only due when a certain amount is exceeded. Nevertheless, it can't hurt to keep a close eye on existing savings balances and the interest rate environment. In addition, other investment options such as shares should be considered, especially gold shares, since gold is the ultimate means of preserving value.
There's Fury Gold Mines - https://www.youtube.com/watch?v=cP6rZwyVwOc, active in three prolific mining regions of Canada. Several million ounces of gold are contained and waiting to be pulled out of the ground.
There are also excellent gold areas in Mexico, such as the Mulatos gold belt. There, Tarachi Gold - https://www.youtube.com/watch?v=6ToB1h8SEqw - holds total concessions on more than 2,500 hectares of land.
Latest corporate information and press releases from Fury Gold Mines (https://www.resource-capital.ch/en/companies/fury-gold-mines-ltd/).
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