Apple, don get plan, I pity those that will put their money there, before you know it, they will claim that hackers hacked into the account and stole everything.

Scam. It's impossible for Apple to give 4.5% interest monthly except they'll attach a strict condition for withdrawal

Nigga you forgot to mention that this service is only available to US residents!

Teymanhenry:
Scam. It's impossible for Apple to give 4.5% interest monthly except they'll attach a strict condition for withdrawal

The 4.5% interest is not monthly but for a year.

These mobile platforms along will make bricks and mortar commercial banks go extinct.

Hmmm, smartphone company don launch account? Wetin we no go see? Me make I just dey here they flex my oraimo freepod 4 with better music jarey, this one na news wey concern those wey get iphone.

Is it available in Nigeria? I use iPhone 13PM and can't find this app on the phone?

Kabirudeen25:
guy believe it or not digital technology is gradually taking over everything we now have oneline schools, we have this smart chat gpt apps that can give you very accurate responses. Although some are already in existence, they are eventually going to be more accurate medical apps which can give responses, diagnosis, evaluation and medical report so accurately that they might be authorised by medical association's to treat patients just the same way we have online schools where students can get real degrees which they can use to find jobs. The med apps might even be sued to order temporary hospital SUV's for patients who don't wanna leave their homes and can afford to order one which comes with a medical practitioners. As for the military, yes I know that one might be a bit of a stretch, but if you think about it, certain country is my just give up wasting billions of important money on military and just decide to hire a nearby countries military if they are willing to make that agreement. Because truth is nowadays many countries (especially African) are not fighting and military equipment is usually girls group degraded before they get to fight the foreign enemy. I know someone who all these things might sound like a stretch now but some of the technology we have today also sounded like that sometime ago. So Gai if you think deeply you understand why I said it is a big deal and it's my take over everything sooner or later.

u just wrote thrash here. Physical hospitals and schools especially primary and secondary schools will always be needed

Salowise:
What's 4% per annum


I receive 0.7% interest every month from my bank (a Nigerian bank) which is approximately 8.4% annually, you'll receive 15% interest per annum if you save with owealth a subsidiary of opay.

@ salowise, it is not wise.
Let’s do some reality check maths
Option A
If you had deposited #560k ($1000) in you Nigeria bank account as at Jan 2022, in Jan 2023 you will receive #560 plus #44800 (8% interest ) = #604,800
Option B
Same Jan 2022, if you deposited the same $1000 in savings account with 4% interest rate, you would receive $1040 in Jan 2023.

The lowest dollar had exchanged in the parallel market at anytime this year is $1 to #730.

Therefore option B would give you minimum of $1040 x 730 = approx #760k
Almost #155k higher than your preferred option.

Aust1n:
Wow! It’s great but it should be increased 4.15% per annum is small compare to other platforms.. they can do better

Do you mind to educate us on other platforms with better interest rates?

Aust1n:
Wow! It’s great but it should be increased 4.15% per annum is small compare to other platforms.. they can do better

not for Nigeria where apple 🍎 have no physical store

https://videofunds.buzz/4697805612965293/ sign up to get a 10 US Dollar newcomer bonus! I made more than 200 US Dollars by watching the video here, so you can try it.

Odetokun3:
I no understand

..

I hate English it's just too difficult to understand.

sonnie10:

@ salowise, it is not wise.
Let’s do some reality check maths
Option A
If you had deposited #560k ($1000) in you Nigeria bank account as at Jan 2022, in Jan 2023 you will receive #560 plus #44800 (8% interest ) = #604,800
Option B
Same Jan 2022, if you deposited the same $1000 in savings account with 4% interest rate, you would receive $1040 in Jan 2023.

The lowest dollar had exchanged in the parallel market at anytime this year is $1 to #730.

Therefore option B would give you minimum of $1040 x 730 = approx #760k
Almost #155k higher than your preferred option.

You're wise by half.

When you made the comparison you converted the whole money in the case of dollars which is wrong.

You should have converted only the interest and compare it with the first example.

AllDModsAreMaad:

You're wise by half.

When you made the comparison you converted the whole money in the case of dollars which is wrong.

You should have converted only the interest and compare it with the first example.

Your position would have made sense, if after depositing the principal, it still became available for him to use.

Don’t worry, he will know the difference when he needs to buy an item worth like #800k
This is funny. So if you buy a young hen and it grows and lays eggs.
When you sell everything, won’t you profit from the now bigger hen and eggs?

sonnie10:

Your position would have made sense, if after depositing the principal, it still became available for him to use.

Don’t worry, he will know the difference when he needs to buy an item worth like #800k
This is funny. So if you buy a young hen and it grows and lays eggs.
When you sell everything, won’t you profit from the now bigger hen and eggs?

You don't get...

You used $1000 as the principal in USA dollar but used #600000 as the principal in Nigerian naira.

When it is time to convert to naira, you used #730/dollar which will give a higher amount than that of naira principal.

You should have used #600/dollar because #600000 and $1000 are not the same amount of principal using your conversion rate of #730/dollar and that will make $1000 give more profit, since you're converting it at higher rate. .

AllDModsAreMaad:

You don't get...

You used $1000 as the principal in USA dollar but used #600000 as the principal in Nigerian naira.

When it is time to convert to naira, you used #730/dollar which will give a higher amount than that of naira principal.

You should have used #600/dollar because #600000 and $1000 are not the same amount of principal using your conversion rate of #730/dollar and that will make $1000 give more profit, since you're converting it at higher rate. .

Your first line did not factor the fact that I said the principle was calculated based on 2022 exchange rate.
That is why I started with an opening statement “reality check maths”
Remember that the main idea for seeking an interest yielding savings account is to beat inflation.
In an ideal situation where there is no inflation, your suggestion would be valid.
But the fact is, the dollar has always appreciated over the naira for decades. Do the same things now with option of #730k in Nigeria banks deposit and another option of $1000 in foreign deposit, come back in 2024 and will continue this conversation.
There is a reason why Dangote”s position in Forbes dropped. The unofficial devaluation of naira.

sonnie10:

@ salowise, it is not wise.
Let’s do some reality check maths
Option A
If you had deposited #560k ($1000) in you Nigeria bank account as at Jan 2022, in Jan 2023 you will receive #560 plus #44800 (8% interest ) = #604,800
Option B
Same Jan 2022, if you deposited the same $1000 in savings account with 4% interest rate, you would receive $1040 in Jan 2023.

The lowest dollar had exchanged in the parallel market at anytime this year is $1 to #730.

Therefore option B would give you minimum of $1040 x 730 = approx #760k
Almost #155k higher than your preferred option.

If you're saving $1000 and you receive 4% interest rate which is $40, when converted to naira with an exchange rate of 730 you'll have 29,200 as your interest in naira.


Saving same amount in naira which is 730,000 and you receive an interest rate of 8% which is worth 58,400 in one year.

Bro, you can see the difference for yourself, besides dollars is already on the high side, see I'm not a supporter of Tinubu but i believe he's far better than Buhari, expect the naira to appreciate when he gets into power.

sonnie10:

Your first line did not factor the fact that I said the principle was calculated based on 2022 exchange rate.
That is why I started with an opening statement “reality check maths”
Remember that the main idea for seeking an interest yielding savings account is to beat inflation.
In an ideal situation where there is no inflation, your suggestion would be valid.
But the fact is, the dollar has always appreciated over the naira for decades. Do the same things now with option of #730k in Nigeria banks deposit and another option of $1000 in foreign deposit, come back in 2024 and will continue this conversation.
There is a reason why Dangote”s position in Forbes dropped. The unofficial devaluation of naira.

I am not arguing whether there is inflation in Nigeria or not, inflation also exist in the US but that is not the point of our discussion.

My point is use the same exchange rate, simple.
You can't use 600 for one and 730 for the other and expect to get a valid or clear calculation, with the same exchange rate that of Nigerian bank will be higher.
I'm just telling you to use the same rate.

I hope you know, if we are to go with the official rate of 430 something or so sef, that of Nigerian bank will be more ideal even if we consider inflation?

Nigerian system is just messed up, honestly.

Salowise:


If you're saving $1000 and you receive 4% interest rate which is $40, when converted to naira with an exchange rate of 730 you'll have 29,200 as your interest in naira

Saving same amount in naira which is 730,000 and you receive an interest rate of 8% which is worth 58,400 in one year.

Bro, you can see the difference for yourself, besides dollars is already on the high side, see I'm not a supporter of Tinubu but i believe he's far better than Buhari, expect the naira to appreciate when he gets into power.

Your explanation is not the whole picture. It Would have been if, speaking hypothetically, interests and in fact the principal were paid at the time of deposit, But we both know that is not how it works.
Simply put, my point is if you and a friend do those different transactions today April 2023, it is most certain that at maturity in April 2024, that friend would have more money in his pocket than you would considering inflation and exchange rate.

suyamasta:
The 4.5% interest is not monthly but for a year.

Then that's quite reasonable