Better alternatives to saving accounts in Europe

[kaeandcolesmom]

@oneofthesheep Trade Republic

 

[oneofthesheep]

@kaeandcolesmom That reinforces other similar opinions I gathered before, then I'll definitely take a closr look at it. Thanks!

 

[edoward]

@oneofthesheep you can use several online platforms that offer 3-4% interests if you put cash on their accounts.

Some of them are:

trading212 offers 4% APY

BitPanda offers 3.18% APY on their Cash Plus deposits

Revolut offers 3.10% APY

All of those are not time locked, you can withdraw the money at any time, but also you need to be careful you if you plan to put some larger amount of money on them, as they are not traditional banks with guarantees that come with them.

 

[zecsampro]

@oneofthesheep So, see below what I do (please do your own research and investigation, it's not financial advice):

1) I opened an account with NEXO

https://nexo.com/ref/s0v2pglpfz?src=web-link

2) I regularly transfer 10% of my salary to NEXO or you can choose to do it on a monthly basis

3) I keep 5% in the EURx savings wallet which gives me 7% interest on an annual basis with flex term (meaning you can withdraw your funds at any time. The fixed interest is 13% annual but they will lock your funds for 3months

4) I regularly transfer 10% of my salary to NEXO or you can choose to do it monthly term (meaning you can withdraw your funds at any time. The fixed interest is 13% annually but they will lock your funds for 3 months so I personally don't really recommend it.

5) Make sure you are not investing your emergency funds and keep in your bank account. Hope this is helpful!!



https://preview.redd.it/jhlh9v4xapa...bp&s=0aa3f9529a9d3498b47529419bf3f7cebb2ae22a

 

[wrennelson143]

@zecsampro 13%? My assets will be invested in crypto tokens I guess?
This is extremely, extremely risky!

 

[eastcascade]

@wrennelson143 Exactly. You would want to be crazy to follow the above very high risk insane process.

 

[zecsampro]

@eastcascade You would be crazy not to invest and not to diversify also...

 

[zecsampro]

@wrennelson143 Not necessarily, you could choose fiat (EUR/USD) or stable coins (USDT, USDC), maybe you could try with a small amount of your income... 9% for FIAT currencies for fixed term and 7% for Flex term, I always go for the flex term, when crypto is crashing I withdraw my funds.

 

[highway2heaven]

@oneofthesheep Hey The plum app allows you to invest in money market funds that track Europe central bank from Ireland and variable rates is 3.6% at the moment plum

 

[oneofthesheep]

@highway2heaven I didn't know Plum, I'll have a look, thanks for suggesting!

 

[eastcascade]

@highway2heaven Better off investing directly in a QMMF such as XEON or CSH2. You will get a better return.