Friday, 18 August 2017

Friday Review: Gauging interest

By Nick Wood, Total Telecom
Friday 30 November 12

Safaricom shows the way with mobile banking and Visa gets to grips with m-payments.

In the U.K. today having a basic savings account is only slightly more useful than stuffing a mattress with spare cash, considering the interest, or lack thereof, that is typically on offer from retail banks. Granted it is possible to earn more than one percent per year, but to accomplish this requires consultation with a vast range of 'experts', including comparison Websites, friends, relatives, smug people you only ever seem to encounter in pubs, and the spirit world. Even when you're ready to go through the rigmarole of filling out the horrendously complicated application form, dredging up extraneous minutiae like blood type or whether you've ever been shouted at by a foreign policeman, you still go into it convinced there is some horrible catch that involves harvesting your organs…

In the U.K. today having a basic savings account is only slightly more useful than stuffing a mattress with spare cash, considering the interest, or lack thereof, that is typically on offer from retail banks. Granted it is possible to earn more than one percent per year, but to accomplish this requires consultation with a vast range of 'experts', including comparison Websites, friends, relatives, smug people you only ever seem to encounter in pubs, and the spirit world. Even when you're ready to go through the rigmarole of filling out the horrendously complicated application form, dredging up extraneous minutiae like blood type or whether you've ever been shouted at by a foreign policeman, you still go into it convinced there is some horrible catch that involves harvesting your organs…

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