So, I've been here off and on a year, so I'm not exactly a newbie, but I feel like this might be kind of a newbie question... What's up with the interest at the bank? Is there really any good reason to store money there? The rate seems to only be like .01% of what you have in there, and yet it cost .5% to pull anything out. I haven't been able to actually find any information written about it. Any info would be appreciated.

Hello! This information is from the second page of the site news :)

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Bank Interest

You can now save money and collect interest on your saved bank amount.

Upgraded players get .02% weekly interest, and basic players get .01% weekly interest on any amount saved. Interest will be available to collect every Sunday and will be added to your savings amount, but you have to press "collect!" just like you have to pick up your weekly paycheck each week.

This means if you deposit $1 mill HPD (1,000,000), you will earn $200 HPD per week if you're upgraded or $100 per week if you're a basic player.

You can add as much to savings as you want for free, but there is a .05% fee on any money you take out of savings. This means if you have $1 mill HPD (1,000,000) in savings, you will have a $500 HPD fee, so you can withdraw a maximum of $999,500 HPD.

But why a fee? The fee is there for a couple of reasons. The first reason is to encourage you to save money and not use the savings option as your regular bank account. If you're upgraded it will take less than 3 weeks of leaving money in savings to earn more in interest than the fee will be. The second reason is because whenever we add ways to move money into the HP economy, we have to balance it out to curb inflation.

So how will this work in practice? Say you're saving for a project 6 months from now and you deposit $500 mill HPD, that means you will get $100k/week in interest, which would be a total of a little more than $2,600,000 earned in interest by the end of the 6 months, if you deposit nothing else. Then if you were to withdraw all of the money, your fee would be $251,300 HPD. So your $500 mill will have turned into $502,348,700.

What if HP's economy changes so that the interest and fees no longer make sense? We will adjust them as needed, but this is our starting point.

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Yes, what sangre posted. And just to clarify from your post, it's a .05% fee not .5%. :)

IMO although the interest gained is not great - really it's a tiny amount, even if you look at the example from the info that sangre posted - I have started using it as a way to force myself not to be reckless with spending. I think of the withdrawal fee as a disincentive to spend. :) So even though I might save for six months and only get a million in interest, I've gotten myself to not spend X amount of money! So I have a rainy day fund of sorts!

What diva said XD *pei has shopping problem  hehe

 I'll second what diva said, lol. I deposit lots of dollah because if I can't see it on my homepage, I don't have it.... so in say, twelve months time when I come to do a project or something VOILAAAAA :)

It sucks because I ALWAYS feel like I need extra money on hand, if not for graphics then for upgrades, but it has been hard to find them lately so I might as well throw money in the savings to gain interest. If you're not spending it, you might as well make some interest off it XD