--- title: "Don't Accept Low Growth: Be Your Own Bank Instead" description: If banks don't offer a high return rate, how can you increase your wealth? Learn how infinite banking can provide you with a better opportunity. image: https://www.themcgriffalliance.com/hubfs/low%20growth.jpg --- [![McGriffAlliance_logo.png](https://www.themcgriffalliance.com/hs-fs/hubfs/images/home_page/McGriffAlliance_logo.png?width=266&name=McGriffAlliance_logo.png "McGriffAlliance_logo.png")](https://www.themcgriffalliance.com) ![bg-img11.jpg](https://www.themcgriffalliance.com/hs-fs/hubfs/images/contact_us/contactus_header2.jpg?width=1500&name=contactus_header2.jpg "bg-img11.jpg") # [Don't Accept Low Growth: Be Your Own Bank Instead](https://www.themcgriffalliance.com/blog/dont-accept-low-growth-be-your-own-bank-instead) ![Joel McGriff](https://www.themcgriffalliance.com/hubfs/images/about_us/joel.png) By [Joel McGriff](https://www.themcgriffalliance.com/blog/author/joel-mcgriff) - September 26, 2017 - [**](https://www.facebook.com/sharer/sharer.php?u=https%3A%2F%2Fwww.themcgriffalliance.com%2Fblog%2Fdont-accept-low-growth-be-your-own-bank-instead&t=Don't%20Accept%20Low%20Growth:%20Be%20Your%20Own%20Bank%20Instead) - [**](https://twitter.com/intent/tweet?url=https%3A%2F%2Fwww.themcgriffalliance.com%2Fblog%2Fdont-accept-low-growth-be-your-own-bank-instead&text=:%20If%20banks%20don't%20offer%20a%20high%20return%20rate,%20how%20can%20you%20increase%20your%20wealth?%20Learn%20how%20infinite%20banking%20can%20provide%20you%20with%20a%20better%20opportunity.) - [**](http://www.linkedin.com/shareArticle?mini=true&url=https%3A%2F%2Fwww.themcgriffalliance.com%2Fblog%2Fdont-accept-low-growth-be-your-own-bank-instead&title=Don't%20Accept%20Low%20Growth:%20Be%20Your%20Own%20Bank%20Instead&summary=If%20banks%20don't%20offer%20a%20high%20return%20rate,%20how%20can%20you%20increase%20your%20wealth?%20Learn%20how%20infinite%20banking%20can%20provide%20you%20with%20a%20better%20opportunity.) - [**](https://plus.google.com/share?url=https%3A%2F%2Fwww.themcgriffalliance.com%2Fblog%2Fdont-accept-low-growth-be-your-own-bank-instead) ![low growth](https://www.themcgriffalliance.com/hs-fs/hubfs/low%20growth.jpg?width=300&name=low%20growth.jpg "low growth")Sometimes all you need to know are the numbers. In this case, the numbers refer to the amount of money banks will pay should you choose to save your hard-earned money with them. Warning: The numbers are not pretty. According to [Bankrate.com](http://www.bankrate.com/landing/cd-rates/?prods=15,16,18,19,26,500&pid=sem_cd_g_14&s_kwcid=AL!1325!3!210552683957!b!!g!!%2Bbank%20%2Brates&gclid=EAIaIQobChMIioShuqiK1gIVkYFpCh0t4AdeEAAYAyAAEgLIIPD_BwE&ef_id=WaqlAAAAAFhPHkX5:20170904005403:s), an organization that regularly surveys almost 5,000 banks and credit unions across the country, you can get a five-year certificate of deposit that will earn 2.4 percent interest. And that's at the high end of the spectrum. Don't want your money tied up and unavailable for five years? Fine, put it in a standard savings account and you'll take home a whopping 1.2 percent (again, on the high end of the spectrum). Money markets don't do much better, delivering annual rates of return around 1.3 percent. Yes, sometimes all you need to know are the numbers in order to see that maybe banks —with their incredibly low growth rates — are entirely unacceptable. And not only are the rates of return ridiculously low, but these same banks will turn around and charge you exorbitant interest rates should you need a mortgage, new vehicle loan or line of credit. The numbers are enough to make you numb. But if not banks, where? Where in the world can you put your money and feel like you're getting a good deal, a decent rate of return? How about your very own family bank? Building your own personal family bank can be done by using **[a practice known as infinite banking](https://www.themcgriffalliance.com/blog/a-short-history-of-infinite-banking-how-it-can-build-a-brighter-financial-future)**. It's a practice that delivers excellent rates of return (plus dividends!), a guaranteed payout and loans that are essentially interest and tax free. That's zero interest and zero tax penalties. Now those are some numbers you can get behind. #### Infinite Banking: Big Numbers, Big Opportunities In January 2015, [Time published a story](http://time.com/money/3669026/lifetime-interest-payments/) that included an incredibly troublesome number: $279,002. It's the amount the typical American consumer will wind up paying in interest throughout the course of his or her life. That small fortune could represent a home, vacation home, several new vehicles, loan-free college attendance for your child (or children) or a life filled with some extra luxuries during retirement. Sadly, the banks are getting all that money. Wouldn't it be great if you could avoid paying all that interest? You can, **[thanks to infinite banking.](https://www.themcgriffalliance.com/blog/how-infinite-banking-helps-you-take-control-of-your-money)** Here's how it works: **Step 1: **Secure a whole life insurance policy on yourself or someone else whom you are able to insure (spouse, child, grandchild, employee, etc.). **Step 2: **Aggressively (over)pay your monthly premiums to build up the cash value of your policy as quickly as possible. **Step 3:** Use the cash value as collateral for a policy loan to purchase anything you want or need, pay off debt, invest or enjoy. **Step 4: **Repay the policy loan (with interest) to the insurer, who then credits it back to your account. **Step 5:** Repeat as needed. The great thing about infinite banking is paying back your life insurance loan and repeating the process all over again — and you recapture all of the interest you pay. In essence, **[you are acting as your own bank](https://www.themcgriffalliance.com/blog/why-and-how-to-be-your-own-banker)**, and you're getting paid handsomely to do it. Your insurance company pays you interest rates on your cash value that are way, way better than that traditional banks offer via certificates of deposits, money markets or standard savings accounts. In addition, you might even earn dividends. #### Get New Numbers Today The numbers don't lie. Banks do only offer low growth. If you're ready to experience new, higher numbers, **[let's talk about infinite banking](https://www.themcgriffalliance.com/contact)**. You'll see bigger numbers in no time. [![New Call-to-action](https://no-cache.hubspot.com/cta/default/1859948/0c8cfae5-a609-42e6-a679-f7ff1eae502d.png)](https://cta-redirect.hubspot.com/cta/redirect/1859948/0c8cfae5-a609-42e6-a679-f7ff1eae502d) ## Leave a comment ![bg-img14.jpg](https://www.themcgriffalliance.com/hs-fs/hubfs/images/blog_page/blog-subscribe.jpg?width=750&name=blog-subscribe.jpg "bg-img14.jpg") ## Subscribe to Our Blog Sign up to keep up with our latest updates. ![Joel McGriff](https://www.themcgriffalliance.com/hubfs/images/about_us/joel.png) Written by [Joel McGriff](https://www.themcgriffalliance.com/blog/author/joel-mcgriff) Joel began his financial services career with the Principal Financial Group in Minneapolis. In 1985, Joel moved to Birmingham to build a practice around the many relationships he had developed while growing up in North Alabama. [![New Call-to-action](https://no-cache.hubspot.com/cta/default/1859948/2d74dc3b-c05d-464d-b90e-864bab349306.png)](https://cta-redirect.hubspot.com/cta/redirect/1859948/2d74dc3b-c05d-464d-b90e-864bab349306) ### Posts by Topic - [Prosperity Economics (26)](https://www.themcgriffalliance.com/blog/topic/prosperity-economics) - [Life Settlements (16)](https://www.themcgriffalliance.com/blog/topic/life-settlements) - [Infinite Banking (15)](https://www.themcgriffalliance.com/blog/topic/infinite-banking) - [Alternative Investments (9)](https://www.themcgriffalliance.com/blog/topic/alternative-investments) - [Financial Advice (9)](https://www.themcgriffalliance.com/blog/topic/financial-advice) - [Heritage Planning (9)](https://www.themcgriffalliance.com/blog/topic/heritage-planning) - [Wealth Planning (6)](https://www.themcgriffalliance.com/blog/topic/wealth-planning) - [wealth management (6)](https://www.themcgriffalliance.com/blog/topic/wealth-management) - [Advice (5)](https://www.themcgriffalliance.com/blog/topic/advice) - [retirement planning (5)](https://www.themcgriffalliance.com/blog/topic/retirement-planning) - [debt management (4)](https://www.themcgriffalliance.com/blog/topic/debt-management) - [Life Insurance (3)](https://www.themcgriffalliance.com/blog/topic/life-insurance) - [Longevity in America (3)](https://www.themcgriffalliance.com/blog/topic/longevity-in-america) - [Risk Assessment (3)](https://www.themcgriffalliance.com/blog/topic/risk-assessment) - [Bank (In)Security (2)](https://www.themcgriffalliance.com/blog/topic/bank-insecurity) - [Civil Forfeiture (2)](https://www.themcgriffalliance.com/blog/topic/civil-forfeiture) - [Risk (2)](https://www.themcgriffalliance.com/blog/topic/risk) - [Stock Picking Contests (2)](https://www.themcgriffalliance.com/blog/topic/stock-picking-contests) - [Suze Orman's Advice (2)](https://www.themcgriffalliance.com/blog/topic/suze-ormans-advice) - [multi generational financial planning (2)](https://www.themcgriffalliance.com/blog/topic/multi-generational-financial-planning) - [Are Banks Unsafe? 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