Savings accounts now looks like a very bad investment for the poor and the average citizen because of low interest rate and high inflation which is on the rise thanks to the printing of several billions and trillions of currencies from the Dollar, Euro, Pounds, Cedis, Yuan, and so on. It now looks like the central bank of so many country do not have any other function but to print out money continuously which is just dimishing the value of the previous currency in circulation before. Most times, this printing spree is often supported by the word, there is no money in the economy, so i ask myself, "where do all the money being printed go to?"
It can be very annoying when a person goes to the bank to save up money with the aim of getting an interest on it, only to see that at the end of the year, there is only about 0.1 percent profit. There have been a fall in the interest rate over the last 10 years and there is no guarantee that this rate will increase thanks to the pandemic which allowed a lot of countries to print out more money and the Central Banks looks like they are to be blamed. The Central banks buy government bonds and then print out money to the public which is needed to keep the economy from collapsing. The interesting thing about the money being printed is that the money do not stay at the lower echilons of the public but rather it goes into stocks which in turn increases the net worth of the 1% of the 1% at the top.
Jeff Bezos is the richest man in the world, owning 53 million shares which is worth $170B, such a very large valuation for a person, currently we have a total estimate of US $37 trillion as the total value of circulating cash around the world including the cash in checking and savings accounts, the total amount of money in the world security valuation including cryptocurrencies, stocks, derivatives is $1.2 quadrillion (this do not have anything to do with the real world, they are dependent on market capitalization of unit values of each securities) , the total amout of trade yearly is $19.48 trillion, total amount of world debt is $258 trillion in 2020.
Cheap money being printed just increases the rich wealth instead of growing the poor. Which low interest states can take on loans as well as big corporations have easy access to this loans which the poor do not have access to as they only have loan for buildings and so on which doesn'talways favor them. The rich only use their corporations to get cheap money to buy other companies and competitors who use the money to buy other business which they grow and sell for a higher price making more profits. Most of the money used to make these deals are borrowed from banks at low income rate.
Reference
https://www.rankred.com/how-much-money-is-there-in-the-world/
https://www.wto.org/english/news_e/pres19_e/pr837_e.htm
https://www.reuters.com/article/us-global-debt-iif-idUSKCN24H1V5