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How much money do you have to have in savings in order to get 5 percent interest?
Wiki User
∙ 16y ago
The rates I found at 5% or higher generally had a $10,000 minimum although there was at least one that only required $1,000. Copy and paste this link for more info: http://www.bankrate.com/gookeyword/rate/high_ratehome.asp?params=US,416&product=15&pop=nopop&ec_id=Goog_ag_HV_CD_Goog_BRM_ky_Broad_K_cd_rate
Wiki User
∙ 16y ago
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Where can you find information on high interest accounts?
The highest interest accounts can be found in Savings accounts. Banks may offer specials of up to three percent in order to get your business. A more common rate is 1.5%.
How can one ensure they are receiving the best interest rates on their savings accounts?
Savings accounts are very important for people who needs to learn how to save. In order to make sure a person is receiving the best interest rates is if the person ask many questions to a broker about their interest finances.
How do compound interest help increase the savings of bank customers?
Banks do not offer compound interest on the money deposited into the savings accounts. They offer only simple interest. However, this interest is compounded every month or quarter in order for the customer to gain full benefits of the same. Ex: let us say you hold Rs. 10,000/- in your bank account and as per the prevailing interest rate of 3.5% for a savings account, your interest for the first month will be 29.17 rupees. If the interest is compounded every month, the principal amount used for calculation of interest for the second month will be 10,029.17/- and the effective interest you earn the second month will be Rs. 29.25/- this way the interest will get added up with the principal amount every month to earn a extra few rupees into your account as interest.
What is the purpose of a Christmas club savings account?
Christmas club savings accounts have advantages. One deposits money in it in order to save money for the holidays. Usually, one cannot withdraw money from the account until the beginning of the holiday season. This is to protect the money and make sure one does not spend it.
Which back has the highest interest rate on a savings account?
In India, I think Kotak Bank and Yes Bank offer the highest rate of interest on Savings account. They offer 6% interest. Almost all other banks offer the minimum stipulated amount of 4% per annum. Mostly private sector banks offer higher interests and perks for savings account holders when compared to government banks in order to attract customers.
How huch money should be invested at an annual interest rate of 8 percent in order to earn 250 of yearly interest?
3125
How much money should be invested at an annual interest rate of 8 percent in order to earn 250 of yearly interest?
3125
Where can you find information on high interest accounts?
The highest interest accounts can be found in Savings accounts. Banks may offer specials of up to three percent in order to get your business. A more common rate is 1.5%.
How much money should be invested at an annual rate of 12 percent in order to earn 300 interest in a year?
2500
How much money should be invested at an annual rate of 12 percent in order to earn 300 interest in year?
2500
How much money should be invest at ann annual rate of 12 percent in order to earn 300 interest in a year?
2,500
What was the total savings for 400 annual rate 6 percent 6 percent compounded semiannually?
The total grows as time passes. That's the whole idea of interest and compounding. In order to calculate what the total is now, we need to know how long it has been in the account accumulating interest, and you haven't told us that.
When you set aside the money you have today in order to purchase goods and services later on you are using money as a?
Savings. Savings is also known as deferred expenditure.
Why is a saving account is important?
A savings account helps a bank customer to set aside money for their long-term goals. It helps with budgeting, and banks give interest in order to encourage saving.
Why Open a Personal Savings Account?
A personal savings account is a bank account in which a consumer stores his or her money in order to earn interest on their savings. Depending on the bank, consumers are usually required to keep a minimum amount of money in their savings account at all times, but may spend the rest as they see fit.Owning a personal savings account is beneficial for two main reasons. The first is that it gives consumers the opportunity to earn interest on their money. The second reason is because it gives consumers a save place to store their cash. Instead of keeping money where it may be lost or stolen, a savings account keeps money safe. Banks will also insure the contents of a savings account for up to $100,000.How to Get the Most Out of Your Personal Savings AccountAfter you open a personal savings account, it is important to begin an effective savings plan. While it may be difficult to avoid saving money instead of spending it, a savings account can be a life saver in a financial emergency. Having a reasonable amount of money to fall back on in case you lose your job or get into an accident, may make it possible to get through these hard times unscathed.A personal savings plan is a plan that outlines how much money you will reasonably be able to save each month. To develop this plan, consider how much money that you owe in bills each month, compared to your monthly income after taxes. The money that is left over is your monthly spending cash, which you probably spend on food, gas, and entertainment. This is iwhere your savings should come from. If you seem to be living paycheck to paycheck, with no room for savings, then it is time to take a look at your spending habits. There is always ways to save additional money, whether it means you must clip coupons or cook your meals at home.Also, it is important to remember that the more money you have in your personal savings account, the more money that you will earn in interest. This interest is essentially free money that the bank is giving you for choosing them to hold your savings. Therefore, a personal savings account is not just an important and convenient account to have, but one that earns you some extra cash, without an effort at all on your part.
Advantages and disadvantages of current and saving account.?
savings accountAdvantage: Protection· Most banks and credit unions are insured, which means that the money deposited into a savings account is safe and secure. No matter what happens, you will get your money back. Disadvantage: Minimum Balance· Many banks require you to maintain a minimum balance in order to avoid fees on your savings account. For some banks this is only $25, but others require as much as a $1,000 minimum. It may take some shopping around to find a savings account to suit your needs. Advantage: Saving· The entire point of a savings account is to save money. You can purposefully open a savings account that does not have an ATM card linked to it to make withdrawing the funds less convenient. Disadvantage: Interest Rates· Savings accounts have the lowest interest returns of any place you can keep your money, other than a checking account. If you are looking to make money on interest, a savings account is not for you. Advantage: Automatic Deposits and Payments· Automatic payments and deposits can be set up to manage the account, and your employer can directly deposit money into the account. This gives you less to worry about throughout the month.
How can one ensure they are receiving the best interest rates on their savings accounts?
Savings accounts are very important for people who needs to learn how to save. In order to make sure a person is receiving the best interest rates is if the person ask many questions to a broker about their interest finances.
