[READER QUESTION] 'My friends & family are investing in Novatech which uses PAMM account software. They are promising, ‘although not guaranteeing’, a profit of 3%/week = 12%/month. Is that truly possible?' Marius Fenwick from Wealthup responds Moneyweb
My question could possibly sound very stupid. A lot of my friends and family are investing in Novatech which uses PAMM account software. My main concern is that they are promising, ‘although not guaranteeing’, a profit of 3% a week which then leads to 12% a month. Is that truly possible? Experts say a 2-5% maximum is possible.
Commercial banks are allowed to add some margin to the repo rate which determines commercial banks’ prime lending rate, currently at 9.75%. Considering the current upward trend of interest rates, we see different banks offering interest rates that vary from around 4.5% per year on call accounts to around 12% per year on fixed deposits.
Remember African Bank? They offered the best interest rates on deposits of all banks. Why did they fail? Because they lent their investors’ money to individuals within the micro-lending space and charged them enormous interest rates and they kept on churning those loans to the same individuals until they could no longer afford to repay their loans.If the risk-free rate is 6.
The Cajee brothers also scammed South African investors with another crypto platform scam where they disappeared with $3.6 billion worth of Bitcoins.
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