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You have 25,000 Euros which you decide to leave in the bank in a normal instant access savings account, which means you can draw on it at anytime so long as you do not go below a certain limit because if you do you will not receive your 3.00% . For this investment you are making to the bank, for the first year he will pay you a special rate of 3.00% AER variable which is payable to you at the end of a year saving. This would be 750,00 Euros less taxes, after this year keeping your money in the bank you would receive only 1.50% AER variable on your savings. So if you do not draw from your money for 2 years you will receive in interest 1,136.00 Euros less tax which will bring your total interest earned over 2 years to below 1000,00 Euros.
Banks use your money to invest in property and other high paying return investments, the bank then takes out his cut and you get your smaller cut. The unbelievable situation here is he will make your percentage smaller 50% smaller if you continue to invest into the bank. More type of accounts are available which pay a higher rate of interest but this usually means locking your money into the account for a number of years.
Banks use your money to invest in property and other high paying return investments, the bank then takes out his cut and you get your smaller cut. The unbelievable situation here is he will make your percentage smaller 50% smaller if you continue to invest into the bank. More type of accounts are available which pay a higher rate of interest but this usually means locking your money into the account for a number of years.
Fractional Ownership Schemes are a fantastic way of cutting out the banker and using your savings for an investment that will be useful and have a good return for you. You can find an example of what you can do with your investment and also what you can expect from it.
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Property values may be crashing in some parts of the Mediterranean, but not on Crete
The Observer
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