Well lets get this straight, after doing a bunch of research on the savings account we all have in our wallets. It turns out that it's pretty much not a savings account in the traditional sense.
When the hard fork 0.14.2 was released initially the account gave a 10% APR, great thats better than what a bank will give you! However recently it seems as if no one is gaining any interest what so ever.
So this may lead you to ask what is the point of the savings account then? It's pretty simple, it's there for security purposes. It gives you a place to store your hard earned SBD/Steem in a non-liquid manor, preventing hackers from simply transferring your funds directly out of your account. You will now have 3 days to notice that someone is attempting to withdraw from your steemit account. It has become more of a safe than a savings account!
In short, rather invest your money into steem power! I made a post on how steem power compounds. The savings account is purely a security measure!
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Thanks for the tip. I wasn't aware that the savings account had a purpose anymore. I've been just powering up all my Steem but I can see my using the savings account in the future as my account gets bigger.
Glad to hear that the information helped!
Hope to chat soon!
This post received a 4.1% upvote from @randowhale thanks to @longfield98! For more information, click here!
So you are suggesting it to either keep it in Steem Power or Keep it in Steem Savings, but not keep it as SBD?
From a safety perspective, if you want your money easily accessible keep it in the savings account. If you want to earn around 4% interest per week! Then put it all in steem power!
Great post, this is a very good advice. Someone gave me that advice a while ago and I turned it all into steem power 😊
And it is the way to go, higher your sp, and that gives you more.
Upvoted talk soon
Thank you! Also you earn 4% interest per week on your steem power! Super exciting!
Any time sweetie 😊 ohh I didn't know that, thanks for the info. You se still so much to learn.. Hahaha
Good thing I have a friend like @longfield98 who can enlightening me💕
Have a great day and talk soon.
Do you use steem chat? I have started to
Im going to start using it soon!
Okay 😊 hope you are having a great day
This post has received a 49.66 % upvote from @bellyrub thanks to: @longfield98.
Thank you for the explanation!