Waffle

It’s actually been 2 and a half years since I wrote this post in which I griped about my bank, the Postbank, offering a silly rewards program to get deals on consumer goods with its basic savings account instead of an interest rate above inflation. 2 and a half years, and I’ve only now gotten off my ass and opened a savings account at ASN Bank (the product I use is ASN Ideaalsparen, which at the time of writing offers 4.75% interest and requires automatic saving so I’ll be following the Pay Yourself First principle of personal finance). I’m still finalizing the paperwork and will be using their one-time offer to move my savings over before Jan. 2009.

I don’t think there’s any excuse for anyone even using a savings product that doesn’t offer a rate above inflation (outside of situations where hyperinflation takes place, but in a financial collapse at that level, you’re probably better off spending your money on canned food and firearms), but if I were to try, I’d argue that back in 2006, I really wasn’t able to save much money anyway. I am now, though, and I’ll be using that opportunity for as long as I manage to remain employed. Even in a recession (and even in one where trust in the banking system is suffering), I’m still better off earning real interest on my money than in letting it rot away slowly.