To calculate the real interest rate for the standard savings account, we need to subtract the inflation rate from the stated (nominal) interest rate. In this case, the stated interest rate is 0.05% (APY) and the inflation rate is 2%.
Real Interest Rate = Stated Interest Rate - Inflation Rate
Real Interest Rate = 0.05% - 2% = -1.95%
Therefore, Miguel can expect a real interest rate of -1.95% for the standard savings account from his local bank. Note that a negative real interest rate indicates that the account's returns are not keeping up with inflation, and Miguel's purchasing power will decrease over time.