[Greyian]

Minimum savings of 500.00 BRL$ required for 3.5% interest every 30 days. Deposits require pending time of 3 days before interest accrues, or a 5.0% early withdrawal fee applies. Deposits may be moderated. Maximum savings of 10,000.00 BRL$ allowed. Transaction fee of 4.0% applies on all transfers.

Ok, I thought I'd put this here so all members who come across this topic know what the rates being discussed are. Ok, due to the current transaction fee, if someone banks BRL$ 500 to the bank, it will take them 3 months to make any profit from the bank (if they withdraw their money after 3 months, they will have BRL$ 510.90). Those figures are based on the assumption that the transaction fee works from lodgements and withdrawals, ie you get charged when you put money in and when you take money out. This represents a 2% increase in savings over the course of 3 months.
As a suggestion, I recommend that the figures for transactions are changed, or that fees on either withdrawals or lodgements are removed, ie you can put money in for free, but it costs money taking it out.
These are my suggestions. I propose that the fee on transactions is lowered to 1.5%, and that the interest rate is changed to 0.05% per day, which will come to a total of 1.55% over 1 (31 day) month, or 18.25% over the course of a year (contrasting with the current rate of 42% per annum). Alternatively, I propose that the lodgement fee is lowered to 3%, the interest rate is lowered to 2.75% and the withdrawal fee is set at 0.5% or 0%. This will encourage people to actually use the savings feature, as at the moment it takes to long to even break even with money in the bank.
I would love to hear some opinions on this, both from the admin and the members, as I am completely opening to changing the system to suit the tastes of the admin and members and the financial viability of the savings feature. Please let me know what you think!

[nooby4ever]

Wow next time please make a little bit layout..., annyway if i get it correct you would just change the % and remove the transaction costs... ? Do i get it right ?

[Greyian]

No, no, I just think that the %s should be revised. At the moment, making any profit at all in the bank will take 3 months. That's a very long time for just BRL$ 10. What I suggest is that the rates are reworked so that people have more of an incentive to use the feature.

[GoycP]

I don't think that the interest will increase,
but transaction fees should be lowered as soon as possible.
Else,
we will losing money even we save our money for two month.

[Greyian]

Well, that's why I said that the interest rate should be lowered a bit, but the fees should be lowered by more:

I propose that the fee on transactions is lowered to 1.5%, and that the interest rate is changed to 0.05% per day, which will come to a total of 1.55% over 1 (31 day) month

The current interest rate is 3.5% per month.

[nooby4ever]

It's realy wierde system, i think this is just a beta...., i deposite 500 brl to the bank (-20 brl transfer) my brl lowered to 300 (i had 800) after 3 days it's again 800 and now it's accepted in the bank..

But why first lower it ? I think there is no reason to lower it and then if it's accepted give it back to the original amount

[terakoh]

If interest is to be charged per day, there will be a compounding effect and is not just 0.05 * 31.

[dinomutt]

so, U need 3 months to earn 10.90, that sure is along time.
that giv en if u have 500 in ur account, if not?

Personnaly, I agreed with Greyian

[Greyian]

Terakoh, the reason I said 0.05*31 is because it actually works out to be pretty accurate seeing as some months only have 28-30 days.

[lifeplayer]

Well, I like this idea, and i just make some simple calculation. If you deposite BRL$1000, then we can get around BRL$1014.6. On the other hand, I will suggest to reduce the minimum deposite to BRL$300 so that more member will be able to save their money in BRL bank