Episode 5: How You Are Paying Double Interest On Your Bank Loans
Have you ever taken a loan while you have money kept in your savings account or fixed deposits?
Most times, bankers will advise you to leave such money in the savings account or fixed deposit account while taking the loan, even though it is not a pre-condition to do so.
If the interest to pay on the loan is more than the interest to receive on your savings or investments, then the only money that needs to be kept in the bank while taking a loan is your emergency fund.
Otherwise, the meaning is that they are giving your own money to you as loans. You therefore pay interest on your own money to the bank.
Episode 6: How You Are Paying Double Interest On Your Bank Loans
It is an illusion to think that you will gain by taking a bank loan to invest in a bank’s investment instrument.
Banks make money on the deposits people bring through, largely, loans to the public, including the depositors, and give part of the money they make on the loans to the depositors or investors as interest on the deposits or on investments and the bank keeps the rest.
How can the same bank give you more interest on your deposits than the interest they put on their loans?
It’s understandable to keep your loan money in any bank investment if you are not ready to use the money. Otherwise, for profit purposes, it’s an illusion.
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