These figures are from last year and nothing has changed except in some instances the figures have dropped even more.
I believe everyone who has used a normal bank as we know it for decades will struggle with this concept of moving away from the normal. The normal as we know it is actually screwing us and the longer we stay within the system the further we are going to fall behind financially. Banks make millions out of how they screw their customers (prey) yet we actually see nothing in return. They provide a service but we are paying a high price for that only because of ignorance and bad habits. This system cannot continue for much longer as it is as it is broken.
I can see myself moving to a new type of bank this year as my bank who I have been with for over 25 years offers me nothing and no reason to stay loyal. Loyalty to who as it is a two way street and currently is a one way in their favor.
I do think we will see this norm change drastically within the next 5 years as the under 40's and even the older generation to some degree will move to an alternative banking system. In the last year we have seen crypto exchanges like Binance offering debit cards and now specialist banking tokens like Coti are following suit. A year ago a token offering banking with cards and an account as we know it would have been dream land yet today it is a reality.
If we just Google the interest rates on savings accounts that are being offered by the top banks around the world it is more of a token gesture. Anywhere from 0.5% up to 2% and that would be tying your savings up for 24 months at a time. I know friends who used to use a law firms trust fund earning 10% per annum and have no idea if that is still the case, probably not.
This year is all about DeFi and from what I can see it has only just got started and will only get bigger. The growth is more of an explosion increasing by over 31 000% in one year. Crypto upped it's gears and changed how we look at crypto as being a farmer in multiple pools is the way to earn now.
One just has to look at what we are doing on Leofinance with our king of the jungle token #CUB and it is quick to see how much money and wealth is being generated not every month but by the day. The APR has dropped quite considerably since the start but even in the worst earning pool like the #CUB Den the returns are 34 x that of the banks. What you have tied up for 2 years you can earn their generous offering within 10 days. The question is what about the other 720 days that you can now earn and it isn't difficult. A clueless non technical person like me can earn #CUB everyday making the banking interest rates look comical has to be the end for them soon.
Already we are seeing the smart ones remortgaging their properties via a DeFi scheme and if this keeps up who will need a home loan. The amount of money being made these days by many and not the institutions is bigger than we might think. If this trend keeps on growing banks will not be required as people will not need credit and if they do there will be credit available through possibly Binance or a Coti. Who knows possibly even Leofinance could have some lending scheme available and wouldn't rule that out either through their #CUB DeFi as things change very quickly.