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elbrns Tech

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Hamza Elheela

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3y ago

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Q: How can i earn money with my perfectmoney account?
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A What is the money called that you earn on a savings account?

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How do you earn money for a savings account?

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What are money market accounts?

Money market account is an account that deal with financial matters in the money markets. Money market account usually requires a higher minimum balance or higher rate of interest in order for one to earn interest on the deposit money.


Why would you want to start a savings account?

A savings account is a great way to store your money safely and have access to it regularly as well. You savings also earn interest witch helps you earn more money over time.


What does a CD savings account do for me?

A CD savings account might earn money for you. This type of savings account earns interest for the person who purchases the CD.


How does interest bearing savings account work?

All Savings accounts earn interest. Here, you deposit money from your earnings into this account. The bank utilizes this money to grant loans and earn a profit out of it. But, in case of a savings account, you can withdraw the money anytime you want and the bank cannot effectively utilize this money for making profits. So they give you only a lower interest rate.


How does a interest bearing savings account work?

All Savings accounts earn interest. Here, you deposit money from your earnings into this account. The bank utilizes this money to grant loans and earn a profit out of it. But, in case of a savings account, you can withdraw the money anytime you want and the bank cannot effectively utilize this money for making profits. So they give you only a lower interest rate.


What is the risk of a money market account?

The biggest risk is that the interest you earn will not keep up with inflation.