I Hate My Freaking Bank

[radiola]

Trying to keep the money in the bank and they can not even guarantee the same rate or higher as the inflation, this is ridiculous, I dont know what to do with my money for god sake

here is what i got from my ban advisor in Austria

You cannot get interests at the same or higher level than inflation

with risk free and capital guarantee at the same time - this is impossible!

1) savingsbooks: - low interests

- no risk

- withdrawable at any time

2) bonds: - better interests

- low risk

- withdrawable at any time

- possible capital loss

3) funds: - high interests

- middle/high risk

- withdrawable at any time

- possible capital loss

4) gold: - high risk

- withdrawable at any time

- possible capital loss

This is such BS!

why is buying gold risk high?

[smokie36]

Move it to Oz...

[brit1984]

Buying gold is high risk because its value depends on the market and it does not produce an ongoing stream of cash-flows (so your return is completely dependent on your exit value)

It seems your banker is unaware of the risk of inflation to bank deposits and bonds; if inflation is a big worry, I recommend property (which at least produces an ongoing stream of cash-flows unlike gold)

By the way, retail bankers are generally incapable of coherent independent thought so the email you received is probably just a copy and paste job (and you would be well advised to ignore anything he/she says in future)

[farang000999]

buy a 10 year us treasury. it will earn you 1.5% a year

i cant imagine prices rising faster than that

[farang000999]

or buy gold.

[radiola]

buy a 10 year us treasury. it will earn you 1.5% a year

i cant imagine prices rising faster than that

1.5%

inflation in my country is 3% per year ha ha, auustria

[WinnieTheKhwai]

Buy gold, then tell me where you live.

[giddyup]

Move it to Oz...

I don't know how easy it is for a foreigner to open a bank acount in Australia, or if you can even do it from abroad. Australia certainly is paying one of the best term deposit interest rates. I have been getting 6% consistently for the last 3 years, that usually for investing 6 months at a time, so your money isn't going to be tied up for years.

[h90]

Bank advisor from an Austrian bank?

Easy to advise....Pay the tax in Austria and there won't be any money left to worry about...problem fixed

[Payboy]

Go West young man, go West. Invest in Burma.

Edited May 8, 2012 by Payboy

[zzaa09]

or buy gold.

Why?

As precious metals and currency are controlled and manipulated by the same club.

There is no secure safety catch with the likes of gold.

Edited May 8, 2012 by zzaa09

[Darrel]

You cannot get interests at the same or higher level than inflation

with risk free and capital guarantee at the same time - this is impossible!

What a load of <deleted>.

[1bbcd5]

I love this thread already.

[wana]

i was getting around 7% with a south african bank for years but they have plummeted to 3.8 % so pretty useless

do any thai banks offer decent rates on term deposits ?

[supaprik]

You cannot get interests at the same or higher level than inflation

with risk free and capital guarantee at the same time - this is impossible!

What a load of <deleted>.

never a truer word was spoken, and so eloquently put also Darrel...

[wana]

You cannot get interests at the same or higher level than inflation

with risk free and capital guarantee at the same time - this is impossible!

What a load of <deleted>.

never a truer word was spoken, and so eloquently put also Darrel...

i think the op hasnt realised yet........that people who work in banks give you the best advice for them ,not you

they will lean you towards whatever their boss wants ,and whatever pays the most commison (to them ,not YOU!)

[brit1984]

You cannot get interests at the same or higher level than inflation

with risk free and capital guarantee at the same time - this is impossible!

What a load of <deleted>.

never a truer word was spoken, and so eloquently put also Darrel...

i think the op hasnt realised yet........that people who work in banks give you the best advice for them ,not you

they will lean you towards whatever their boss wants ,and whatever pays the most commison (to them ,not YOU!)

Very true; I tried to make exactly the same point in post #3

The OP has done the right thing by consulting us TV members

Maybe he would like to go one step further and allow us to manage his funds (I would do for 2 and 20)

[StreetCowboy]

You cannot get interests at the same or higher level than inflation

with risk free and capital guarantee at the same time - this is impossible!

What a load of <deleted>.

never a truer word was spoken, and so eloquently put also Darrel...

He meant: Invest in cattle.

I would recommend keeping your money in the fridge.

Perhaps someone else would be good enough to find the original source for that suggestion.

SC

[apetley]

Where's Naam when you need him?

Posted with Thaivisa App http://apps.thaivisa.com

[StreetCowboy]

Where's Naam when you need him?

Posted with Thaivisa App http://apps.thaivisa.com

He doesn't stoop to this level

Perhaps 'plumb these depths' would be more appropriate

He'd probably be able to put his paw to the post about keeping your money in the refrigerator, though...

SC

[bunnaag]

Bank advisor from an Austrian bank?

Easy to advise....Pay the tax in Austria and there won't be any money left to worry about...problem fixed

This is one of the reasons the Swiss do not want to take over this place

[brit1984]

The OP has done the right thing by consulting us TV members

Maybe he would like to go one step further and allow us to manage his funds (I would do for 2 and 20)

Given the lack of interest, I am willing to go down to 1.5 and 15, assuming a large enough allocation

[h90]

Bank advisor from an Austrian bank?

Easy to advise....Pay the tax in Austria and there won't be any money left to worry about...problem fixed

This is one of the reasons the Swiss do not want to take over this place

Not even the Soviets wanted to take us over.....

[HardenedSoul]

You have to decide whose opinion on gold is really relevant.

Is it that of bankers, analysts and pundits in the financially sophisticated but essentially-bankrupt advanced economies trying to halt the waning trust in the guarantees of central banks and their government masters to underpin fiat currencies

or

is it that of 2.5billion Indians and Chinese who swear by gold as the ultimate currency especially as both those coutries are struggling with inflation?

I was fortunate enough to acquire my stash of gold (and silver) in late 2007 at around £370 an ounce while Bernanke was telling anyone who'd listen that subprime was "contained". It's done its job rather nicely since.

It is pretty much guaranteed that the central banks will print more money this year so one really can't be bearish on it without looking particularly stupid when it blasts through $2000 later on this year or early next.

Forget inflation-protected treasuries - pure <deleted> when the real rate of inflation is far higher than the official numbers

Edited May 8, 2012 by HardenedSoul

[farang000999]

or buy gold.

Why?

As precious metals and currency are controlled and manipulated by the same club.

There is no secure safety catch with the likes of gold.

Buy physical.

[mca]

You cannot get interests at the same or higher level than inflation

with risk free and capital guarantee at the same time - this is impossible!

What a load of <deleted>.

Good one mate!

" Welcome to Bloomberg special report. On the line via video link we have Darryl, a senior analyst for Credit Suisse. Darryl, time's against us today so may I have your concise opinion on the current global crisis facing the major players in today's market."

" It's a big bag of sweaty <deleted>"

" Thank you very much for that illuminating report. Next we turn to head of the World Bank Robert Zoellick and ask him to expand on his last TV interview that the Greek financial debt was just a bunch of " Hummus eating maggots whining like a bunch of bitchy faggots. WAAAAH! WAAAAH!"

Edited May 8, 2012 by mca

[radiola]

so what u suggest

is banker bs -ing me?

[wana]

so what u suggest

is banker bs -ing me?

not just you .....everyone else who doesnt know any better as well

think of the banks "financial advisor " as a sales rep for financial products (nothing more ,nothing less)

he might even call himself an "independant financial advisor " and over you products from other banks

(this is making you think hes directing you to another deal for your own good but there will be some partnership somewhere between his company and the packages he offers )

think carefully before trusting any of these monkeys with all your money

[radiola]

so what u suggest

is banker bs -ing me?

not just you .....everyone else who doesnt know any better as well

think of the banks "financial advisor " as a sales rep for financial products (nothing more ,nothing less)

he might even call himself an "independant financial advisor " and over you products from other banks

(this is making you think hes directing you to another deal for your own good but there will be some partnership somewhere between his company and the packages he offers )

think carefully before trusting any of these monkeys with all your money

but who can you trust, how can you find out about the savings plan that they are offering beside their employee

this is a stupid statement, he works in the bank, he deals with my money, who else should i ask?

[brit1984]

so what u suggest

is banker bs -ing me?

not just you .....everyone else who doesnt know any better as well

think of the banks "financial advisor " as a sales rep for financial products (nothing more ,nothing less)

he might even call himself an "independant financial advisor " and over you products from other banks

(this is making you think hes directing you to another deal for your own good but there will be some partnership somewhere between his company and the packages he offers )

think carefully before trusting any of these monkeys with all your money

but who can you trust, how can you find out about the savings plan that they are offering beside their employee

this is a stupid statement, he works in the bank, he deals with my money, who else should i ask?

You can trust Benjamin Graham and Warren Buffett