Wall Street, Frankfurt Börse and City of London, June 23rd, 2022
The Fintech Mag team scanned the market trying to find the best technique to face high inflation with the best-earning rates. They compared 32 different options (around 10 per currency, USD, EUR and GBP) including Savings Accounts, ISA’s, Robot Advisors, Brokers and Funds.
Their findings say that at least with these three main currencies, is very unlikely to find any classic financial product that gives you more than 3% a Year. That’s why 10% a Year is an outstanding interest output and is so relevant in high inflation times.
The study considered not just the interest rate itself but also the experience on the platforms on aspects like:
- Financial Regulations
- Bank transfer process
- Sub-products options
- Follow up Dashboard/stats
- Ease of withdrawn
In a nutshell, the whole cycle of Money top-up>Earning>Withdrawing and all the variables in-between.
The Fintech Mag team discovered that the biggest pains on most of the platforms were:
- Too much red tape and bureaucracy in registering processes
- Dodgy aspects (a few look like pyramids)
- Hidden fees
- Lack of regulations by financial institutions
- The slow money top-up/withdrawal process
- Poor analytics/stats
The Fintech Mag
is a website focused on reviewing digital financial products, giving tips on Personal Finance and covering the fintech space worldwide.