A crisis is a terrible thing to waste. That’s what the guys of SPAARbOD must have thought. In these times of financial disorder, there seems to be place for new ideas for earning money with money.
Your savings are worth a lot of money since the financial crisis forces banks and other financial institutions to solve their solvability problems. The interest though, which is supposed to be the price of capital, remains to be low. The idea of SPAARbOD is very simple: banks have to bid for your money so you take profit from the highest interest. Were banks fight for your money, the price gets higher. Get an account here.
All this ‘newbanking’ sounds really interesting as if the crisis gives power back to the people. The idea is clever. However, in reality SPAARbOD still fakes the bidding, acccording to Dutch newspaper NRC Next. Read more about the phenomenon of newbanking in times of crisis in a previous article on this blog: Wonga: Instant Mini-Loans.