Bank interest comparison

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Lonestar
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Re: Bank interest comparison

Post by Lonestar »

We are getting 7% at Prassac. It is a great rate, and a great way to keep an emergency fund. If you ever need the money early, I believe they pay you 2% and you can have the money in hand within 30 min.
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Doc67
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Re: Bank interest comparison

Post by Doc67 »

Nobby Stiles wrote: Tue Aug 16, 2022 4:45 pm
Doc67 wrote: Wed Apr 13, 2022 2:32 pm Anchor Protocol on the Terra crypto network pays 19.5%, and accumulates every few minutes. No tax either.
https://app.anchorprotocol.com/earn

Terra is ranked #2 DeFi after Ethereum. Luna, the Terra network Coin is ranked #9 with a market cap of $30 Billion. It is also loaded up with Bitcoin to the tune of $1.7Billion to support the UST stablecoin, with a target of $10Billion. It is basically buying Bitcoin as a 'gold standard' backing assuming you believe in the long term good future for Bitcoin.
https://coinmarketcap.com/
https://www.altrady.com/blog/terra-buys ... n-bitcoin/

You can insure your deposit too. You can't do that with Prasac.

***caution***
Do Your Own Research and only deposit what you can afford to lose. That includes Prasac as well!

Then one month later! Doh!!…..I hope nobody followed this financial advice?
What were you invested in Doc, Terra Luna or Terra UST? I personally lost some money on Luna ☹️ Not my first loss and certainly won’t be my last!

Onwards and upwards Rodney! 😁
Holy f**k, that turned south in a big hurry.

I was well into the Terra ecosystem and particular Anchor, Mirror and Spectrum but got a heads-up on a Sunday evening (May 8th) that there was something strange going on, the Luna was dropping and deposits on Anchor were leaving. I went home, took a look and then sold everything. I had to wait until the Monday evening to close out some short positions and was amazed that I still could and people were still holding on. They self-styled themselves as "Lunatics" and they certainly were, their belief was unshakeable.

By the Wednesday Luna and UST was in freefall and the market-wide meltdown began in earnest and dragged everything down with it. What a shitshow. Most of the losses were people with LUNA that were 'staked' and therefore locked for 14+ days; they were trapped and had to watch in turn to zero.

Since that fateful week I am out of all crypto and the whole market is still treading water, although BTC and ETH still seem to have a strong following. As for the rest I will wait and watch. Some of the exchanges look pretty dodgy too.
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Re: Bank interest comparison

Post by ego bibere nimis »

Lonestar wrote: Tue Aug 16, 2022 5:56 pm We are getting 7% at Prassac. It is a great rate, and a great way to keep an emergency fund. If you ever need the money early, I believe they pay you 2% and you can have the money in hand within 30 min.
Is that a USD account or Riel?
You know that tingly little feeling you get when you really like someone? That's common sense leaving your body.
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Doc67
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Re: Bank interest comparison

Post by Doc67 »

ego bibere nimis wrote: Wed Aug 17, 2022 10:09 am
Lonestar wrote: Tue Aug 16, 2022 5:56 pm We are getting 7% at Prassac. It is a great rate, and a great way to keep an emergency fund. If you ever need the money early, I believe they pay you 2% and you can have the money in hand within 30 min.
Is that a USD account or Riel?
Both are the same. Many banks give a premium for KHR over USD but Prasac give the same rate.

Image
https://www.prasac.com.kh/en/services/d ... it-account
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Re: Bank interest comparison

Post by armchairlawyer »

7% on USD one year term deposits is an excellent rate of interest.
It's useful to consider the reasons behind it.
If this was in the USA, the reason would be the high default risk on the part of the borrower.
If you look at emerging market (EM) dollar-denominated bonds, poor quality borrowers don't get to borrow on the markets at all.
So, in EM countries, the risk is usually different. It is likely to be the country risk.
Therefore, by all means go for it but don't put all your savings in.
Of course, bank-specific risk still exists. The main red flag globally is commercial real estate lending. Oddly, in Cambodia, the MFIs (which offer the highest rates of interest) make the least amount of CRE lending, so you could argue they are the safest.
If country risk becomes the problem, it won't matter which bank you are in.
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Re: Bank interest comparison

Post by atst »

ABA bank in prey veng was offering 7% on riel a few weeks ago not sure now
I'm standing up, so I must be straight.
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cautious colin
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Re: Bank interest comparison

Post by cautious colin »

atst wrote: Wed Aug 17, 2022 2:35 pm ABA bank in prey veng was offering 7% on riel a few weeks ago not sure now
7.77% but only on app I think
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Re: Bank interest comparison

Post by Kammekor »

LOLC currently has an offer, 6% p.a. on a 6 months deposit term. For those who don't want to part with their money for too long but still want a substantial interest rate.
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Re: Bank interest comparison

Post by Nobby Stiles »

Doc67 wrote: Wed Aug 17, 2022 8:29 am
Holy f**k, that turned south in a big hurry.

I was well into the Terra ecosystem and particular Anchor, Mirror and Spectrum but got a heads-up on a Sunday evening (May 8th) that there was something strange going on, the Luna was dropping and deposits on Anchor were leaving. I went home, took a look and then sold everything. I had to wait until the Monday evening to close out some short positions and was amazed that I still could and people were still holding on. They self-styled themselves as "Lunatics" and they certainly were, their belief was unshakeable.

By the Wednesday Luna and UST was in freefall and the market-wide meltdown began in earnest and dragged everything down with it. What a shitshow. Most of the losses were people with LUNA that were 'staked' and therefore locked for 14+ days; they were trapped and had to watch in turn to zero.

Since that fateful week I am out of all crypto and the whole market is still treading water, although BTC and ETH still seem to have a strong following. As for the rest I will wait and watch. Some of the exchanges look pretty dodgy too.

Yep mine was in locked staking so all I could do was watch in horror! Thankfully I wasn’t in heavy unlike some people I know who were taking advantage of the obscene interest rates available on UST. You’re lucky you received that heads up!
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Re: Bank interest comparison

Post by daeum_tnaot »

I'm checking the latest interest rates I could see for the highest rates on offer.

I'm comparing Woori Bank, LOLC, Prasac and Hattha Kaksekar. Rates all seem to be between 7.25 and 7.9%.

Previously someone on this board posted that LOLC is risky as they are not transparent on their ownership. Does anyone have a comment on LOLC?
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