Dear humans
I know the grind for passive income is on all our minds, There is a way to earn passive income via interest provided by the banks, I am also aware it is to tackle the inflation rates but why not use the interest as passive income? Let me put it another way for you, why not take this advantage and cover your loss via inflation and keep a passive income coming in. You could use the interest to pay your monthly mobile bill, Netflix charges, or even as extra income set aside.
I will share a few examples to get you thinking about this.
Bank account: £3000
Interest : 3%
Monthly amount Interest: £7.50 per month
Bank account: £5000
Interest : 3%
Monthly Amount interest: £12.50 per month
Bank account: £10000
Interest : 3%
Monthly amount interest: £25 per month
Bank Account: £15000
Interest : 3%
Monthly Amount interest: £37.50 per month
Bank Account: £30000
Interest : 3%
Monthly Amount interest: £75 per month
Bank Account: £60000
Interest : 3%
Monthly Amount interest: £150 per month
Bank Account: £85000
Interest : 3%
Monthly Amount Interest: £210 per month
The examples above are simple to set up and to see how it would be to your advantage, if you start now then possibly in the next few years an income can be created. You are not going to hit 100k in one day but over time with constant dedication to frugality its possible.
Please keep in mind if interest is forbidden in your faith system as such then I would not consider this method at all , if however you understand economics and how inflations eat away at your cash every single day along with loss in purchasing power of money then I would recommend this for financial responsibility.
Please also keep in mind it's the risk and reward system in this, if you don't risk alot then the reward is not alot either. shares , bonds and trading will give you higher rewards but you will have to risk more for higher percentage rates.
Easy access saving account on the market at the moment.
Kroo - 3.3% Interest per month
Chase UK - 3% interest per month
Chip - 3.4% interest per month.
Kindly
Afzal.
Notes
-The Easy access accounts listed above are as correct at the time of writing.
-Photo by Towfiqu barbhuiya on Unsplash
