Banks should be ashamed of their “high yield” savings accounts

0.5% APY is not high yield and banks should stop saying it is. It is a fucking embarrassment to call an interest rate of 0.5% “high yield” when the inflation rate is at 7%. What’s worse is that even the most trash low-level garbage Cryptocurrency you can think of offers 10 times more than that without questions.

And banks can fuck off telling people about the “risk” of saving money in Cryptocurrencies. At least there are stablecoins BACKED BY ACTUAL ASSETS and PUBLICLY traded exchanges unlike banks who can literally give money out of thin air.

Honestly, its tiring to see banks scamming people with “high yield” savings accounts. Remember, even with a “high yield” bank savings account with 0.5% APY, if you deposit $100k, you are getting $500 the first year, $502 the next and so on. It’s an absolute scam when considering an inflation of even fucking 2%, you are losing a compounding $2000 from the first year alone.

It’s even more stupid when you realize the figures I gave you don’t exist anymore. You need a time machine for 2% inflation and you’re going to be lucky to find an interest rate of even 0.2% unless you are Jeff Bezos himself.

TLDR: Even if you put a tenth of your savings staked in stablecoins, you’d still make more than if you put it in a bank. There’s nothing special about banks that should give them the authority to give such embarrassing interest rates with inflation rates so high.