With the recent uprising (and absolute, immediate, very expected downfall) of the stock market within Firestone, I became convinced that finances and money within Firestone have the potential to play a bigger role. I already wrote a long post with likely even longer comments about my thought on the stock market and a financial system.
Now I’m trying to start a business, a financial service that might very well be categorized as a bank. The main idea is of course that clients would have the ability to deposit money and have some interest on that money, while they might also take loans and again have interest on the borrowed money.
I know similar (or the same) things have been tried and it didn’t quite work, I know that it is risky with the money and getting money paid back, etc. I know the risks. I am however convinced that it is possible.
I would like to gather some data from you all, on what you would be most interested in seeing.
I can imagine that once this service exists, quite a lot of people would be willing to deposit money since they can only win and not lose from it. Of course, the question is, what kind of deposit, how long, what interest rate.
The options for this one are:
Savings Account - Deposit money and withdraw at any* time but with lower interest rates.
Certificate of Deposit - Deposit money for a set amount of time, only being able to withdraw before that time expires by paying high fees, but in return, this would come with higher interest rates.
I find it hard to make a poll out of this, so I would appreciate it if you could write a short reply saying if you’d personally rather make use of a savings account or a CD, how long you would deposit your money for, and how often interest should be “paid out” to savings accounts (e.g 1 week, 2 weeks, each month, the shorter this time is, the lower the interest rates are).
Please select the services you would be interested in here.
- Deposit on savings account
- Deposit by Certificate of Deposit
- Take a loan
If you find the idea interesting, you should join our Discord to learn more, to apply for one of our jobs, and especially to be updated about our licensing status (we are currently not yet licensed).
*Money would have to be manually transferred back to the client which might take some time.