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How does the bank reward you for putting your money in the bank and what is this called?
Wiki User
∙ 13y ago
The bank rewards you by giving you an interest. Interest is the money that you get for having your money deposited in a bank account. For ex: let's say you deposit Rs. 10000/- in a fixed deposit with a bank. The bank will pay you let's say 8% interest per annum (the rate varies from bank to bank and from country to country) which effectively means that, for having your money (Rs.10000) deposited with the bank for one year, the bank will pay you Rs. 800/- that's your reward.
Wiki User
∙ 13y ago
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What is Money put into an bank account called?
to deposit moneyA Deposit is the act of putting money into an account.
What are the benefits of putting money into a bank?
Some benefits of putting money into a bank are: 1. You save money for your future requirements like retirement, buying a house, children's education etc. 2. You earn interest out of your money deposited in the bank and hence you keep making money out of the money you put in a bank.
A percentage of the amount in the savings account which is a reward for the bank's use of the money?
interest
People who have money in the bank are called?
they are called depositors because they deposit their money in the bank. they are also called bank clients.
Where do you put money without putting in the bank?
To keep your money safe without putting it in the bank you could put it in a safe, you'd need a password to get in the safe and access the money so nobody would be able to find it and take it.
What is Money put into an bank account called?
to deposit moneyA Deposit is the act of putting money into an account.
What are the benefits of putting money into a bank?
Some benefits of putting money into a bank are: 1. You save money for your future requirements like retirement, buying a house, children's education etc. 2. You earn interest out of your money deposited in the bank and hence you keep making money out of the money you put in a bank.
A percentage of the amount in the savings account which is a reward for the bank's use of the money?
interest
People who have money in the bank are called?
they are called depositors because they deposit their money in the bank. they are also called bank clients.
Where do you put money without putting in the bank?
To keep your money safe without putting it in the bank you could put it in a safe, you'd need a password to get in the safe and access the money so nobody would be able to find it and take it.
What is HSBC Direct and where can you learn more about it?
HSBC Direct is an online banking platform that offers savings accounts, CDs, and other financial products with competitive interest rates. You can learn more about HSBC Direct by visiting their website or contacting their customer service for further information.
What is a group of money called?
bank of money
Why do some consumers save by putting their money in a bank instead of buying stock?
They save by putting their money in a bank account because in stocks its more like gambling and hoping for the best. In a bank account you have a guarantee that you have your money and how much you put in. Also in a stock you can quickly be a millionaire or become broke depending on the stocks.
What is money paid for the use of money called?
Money that is paid for the use of money is called interest. When you keep your money in a bank savings account, the bank credits your account with interest.
What is the money paid for the use of money called?
Money that is paid for the use of money is called interest. When you keep your money in a bank savings account, the bank credits your account with interest.
How do you keep your money safe without putting it in the bank?
Buy a safe or hire guards.
What is it called when everyone starts to pull their money out of the bank?
It is called a "Run on the Bank". Phil.
