APY is a very common abbreviation seen on Leofinance and in the crypto world in general. It tells you how much interest you earn on your money or crypto over one-year time span.
Here are just a few examples to get the picture:
Leo pool on Uniswap prediction is 25- 50 % yield, @nealmcspadden offering 15% APY for his new token, delegating hive to @leo.voter gives you 16%.
I have some crypto on Nexo platform. BTC and ETH yields 5%, USDT 8%.
I kind of feel I'm losing money here.
Photo source: pixabay
But now let us look at real-life solid money; King Dollar supported by governments and big banks, shall we?
Today I was browsing Google news and I stumbled upon two interesting ads.
Both were for Canadian banks. Names are irrelevant.
The first one said:
open a bank account with us and ensure your family's bright future with our high yield saving account. We're offering 0.45% APY.
The second one was even better. The best saving account at the moment:
we offering the highest return on investment with our saving account.
Drumroll:
0.6% APY
I'll kill it here, my friends. No comment needed.
Draw your own conclusions and invest wisely.
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I am definitely starting to see the light. With some new retirement income starting up this month I will be looking to invest in some more crypto. I will have to take a look at Nexo. Thanks for the info. :)
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Tell me if you need the referral link, hehe.
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Sure. If I decide to use it may as well spread the rewards. :)
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Thanks for giving me a much needed smile on my face :<)
Aside from the fact that these banks you mentioned are doing better than the so called negative interest rate on savings(!) accounts ( at Dutch banks, for instance ), it's all a big joke indeed. We will play around with your money, act as if we do indeed hold it for you and report to the tax office. Thanks banks, you guys guided me to crypto and as soon as I won't need you any longer, I will be gone.
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In Lithuania most banks give 0% APR.
0.6% APY? Return on investment? It's crazy lol. I think it's time people become the wiser, whoever doesn't have crypto knowledge or buy in at these period might just be slaves to these investments scams promised by banks
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Thank you for the light of understanding you've shed regarding APY. Though I'm at the verge of understanding most of leofinance terminologies, It worths it. Leofinance is the best platform ever yielding a very attractive interest on saving and delegation to @leo.voter. Many unaware just need to key into this wonderful platform and be determined to grow and earn their financial liberty. Leofinance and hive gives you what no bank can give. Thanks @oldtimer for your love and support to the Ecosystem.
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The level of conditioning most people have with regard to money is unreal.
Banker: We're going to accept your loan and pay you 0.6%. Meanwhile, we will use your loan as collateral to lend money to Joe for a house, and he'll pay us 3%. Oh, and btw we are't even going to keep that loan here. We are going to sell it as fast as possible and do it all over again! But sure, you can take your loan back at any time so long as not everybody does that at the same time.
Brainwashed: But can I get 0.65%?
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When I needed a loan for the car three years ago my bank said that my credit score is too low and declined my application. As well as for the line of credit. A private company gave me a 30% interest. After I repaid my loan they keep sending me offers for a new loan with great interest because I'm a good customer. 22%.
I'm using Nexo now.
Should I tell them that now I'm on Leofinance and I don't need any loans. Ever, hehe.
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Nexo looks interesting. What's the advantage to that over MakerDAO or similar?
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It's centralized and regulated. Funds are insured. You can increase interest by 2% by stacking their token. You can connect with your bank account and deposit fiat as well. Get 5% on fiat holdings. High collateral for stable coins and fiat. I would say that it's a bank and exchange at the same time. Registered in Switzerland.
I can see it as a perfect fit for today's crypto guy like me. It's here and it's working and improving. No pie in the sky.
But what do I know? I'm just an oldtimer on the blockchain.
Not your cup of tea as far as I see from your posts but you should check this out.
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I've been using Nexo for nearly a year and I feel, surprisingly, secure thanks to BitGO insurance as well as ISO Certificate. Personally, I do not believe in future of fiat any more and I started allocating some of part of my salary for crypto (sometimes for Stablecoins; from time to time cryptocurrencies) and I choose to earn staking rewards or interest online.
I may suggest you to pile up some Nexo token to maximize your interest rate. For now, it looks the best option for me 😌
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I'm using them for more than two years and hold their token as well. But I don't have enough cash to increase my position. You need to match 10% of your crypto with Nexo token.
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Banksters are doomed
They will realised this themselves before too long.
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...as more and more people understand the basic con of debt based banking systems, the quicker it will realign.
(he principles are incredibly easy to grasp once you get through the smoke)
This means that investing in HIVE and Leo in Cryptocurrencies is better dividends.
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Whenever i got extra money, i prefer to invest in hive first because it's my first priority in investment. You have shared information about @leo.voter delegation and it looks interesting. I will look into it. thanks for the great post.
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Am still wondering who still do business with banks and expect high apr in this our present age
Invest in leo and wait to 2X
I believe :)
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That's the cherry on the pie.
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:)
Thank you, this post brought a big smile to my face 👍
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Damn, these banks are crazy. They hold our money, earn high returns with our money and give out a very low returns.
Do you know what's annoying me about my local bank?
For every withdraw and deposit I make into my account, I receive a debit of $0.2 when I earn about $20-$25 a month. I am certainly fed up.
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That's practically giving out your money for fee while the make a whole lot more from it. It sickens me. Putting money in the bank is the worst disservice one can do to one self. People are always saying it's safer. FYI people's account get hacked on a daily.
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Same reason I am keeping some USDT on an interest bearing account, currently yielding 10% APY. It is much, much better than holding a USD savings account in a PH bank that practically gives nothing back:
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This is a smart move from you. Holding the money in normal banks attracts more bank debits on useless things.
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True. It's much more accessible that spending it is more enticing, but that's also where our money discipline steps in - - one that I should practice a lot more. 😂
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Banks are the worst wolves. They devour people, steal their money, make millions from people's money and return misery.
That is why I am more and more convinced that crypto life is the best way to live.
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It is shocking what they are offering for interest rates now with bank accounts. What is the point as the interest is nothing from where it was 10 years ago. I can recall getting 5 -6 % per annum for banking with my bank and now it is similar to what you just highlighted.
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My bank just mailed me to say they are dropping my savings account interest rate from 0.1 to 0.05. you really couldn't make it up
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I think, that's not fixed, right ? It depends on the no of delegation as well ?
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It's 16% APY.
Check the last post from @khaleelkazi
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@tipu curate
Upvoted 👌 (Mana: 0/22) Liquid rewards.
What is the difference between APY and APR ?
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Investment in cryptos is wise and better. No hopes what so ever in Fiat. Cheers
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Crypto will be the future. I love stalking it with such high APRs.
Rehived.
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the banks make me smile ... in Italy for example you are not entitled to any APY if you hold money in your account, on the contrary you have to pay a monthly commission of about 6 euros.
If you want your money to pay off then you have to block it in the bank for a minimum period of 24 months and you will have an APi of about 2% per year Crazy stuff!
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