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Is there a limit on how much money you can deposit into your account in a year's time?
Wiki User
∙ 9y ago
No, there is no such limit. You may be required to report large cash deposits, and there is a limit to the federal deposit insurance, but there is no limit on how much money you can deposit per year.
Wiki User
∙ 9y ago
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What is a CD in terms of banking?
A Certificate of Deposit is a special type of deposit account that can be opened by any customer. The customer will deposit a large sum of money with the bank for a predetermined period of time (Usually in months or years). The bank will offer a good interest rate to the customer for parking his/her money long-term with them. The customer wouldn't break his deposit mid term and keep it until maturity because if he does so, he will be charged a penalty for doing so.
What is the balance after 7 years if you deposit 350 every quarter into a savings account that earns 4.5 percent interest compounded quarterly?
$11,573.02 if you deposit at the beginning of the quarter or $11,444.27 if you deposit at the end of the quarter
How does a certificate of deposit work and what amts can you purchase?
A Fixed Deposit or a Certificate of Deposit is a special type of deposit account that can be opened by any customer. The customer will deposit a large sum of money with the bank for a predetermined period of time (Usually in months or years). The bank will offer a good interest rate to the customer for parking his/her money long-term with them. The customer wouldn't break his deposit mid term and keep it until maturity because if he does so, he will be charged a penalty for doing so. In terms of amount - you can purchase any amount you want. The only thing the bank might ask if you deposit huge sums of money is "source of income" and if you provide that, the bank will be willing to accept a deposit of any amount.
You deposit 2000 in a savings account that pays 10 percent interest compounded annually How much will your account be worth in 15 years?
7954/- At the end of 5 years - 2928/- At the end of 10 years - 4715/-
You deposit money today into an account at 6.5 percent interest how long to double your money?
About 11 years. (One quick way to find out how fast your money will double is through the Rule of 72. Divide 72 by the interest rate you're getting--in this instance, 6.5%. 72 divided by 6.5 = 11.07. So, it will take a little over 11 years for your money to double.)
Is my money harder to access in a CD Account instead of a Money Market Account?
Yes, your money is typically harder to access in a CD (Certificate of Deposit) account compared to a Money Market account. CDs have a fixed term, such as 6 months or 1 year, during which you cannot withdraw your money without facing penalties. On the other hand, money market accounts allow for more flexibility and immediate access to your funds.
What is a certificate of deposit?
When you put money in a savings account, you can draw it out at any time. In a certificate of deposit, you agree to leave it in the bank for a certain period of time. They pay slightly higher interest because they know that money will be there for 3 months, 6 months, 1 year, etc. If you draw it out early, they reduce your interest.
How many years is the validity of deposit account?
A deposit account is valid for as many years as you want. It is valid as long as the account is in active use (at least a few transactions every quarter on the account) in case the account is not actively utilized, the account would be made inactive or dormant after 3 to 6 months of inactivity. The money in the account will still remain valid and will be paid if the account holder visits the bank and takes the necessary steps to reactivate his/her account.
What is the account balance if you deposit 125 at 6 percent for 10 years?
It is 223.86
You deposit 300 today 500 one year from now and 600 four years from now into an account that earns 8 percent compounded annually How much money will you have 7 years from now?
Assuming you deposit the money on the first day of each year you will have 2,124 from the 1,400 you'd deposited earning a total of 724 interest
Define a reccuring deposit?
The Recurring deposit account is an account in the bank (or a Post office in some countries) where an investor deposits a fixed amount of money every month for a fixed tenure (mostly ranging from one year to five years). This scheme is meant for investors who want to deposit a fixed amount every month, in order to get a lump sum after some years. The small monthly savings in the Recurring Deposit scheme enable the depositor to accumulate a handsome amount on maturity. Interest at term deposit rates is computable on quarterly compounded basis.
What are recurring deposit accounts?
The Recurring deposit account is an account in the bank (or a Post office in some countries) where an investor deposits a fixed amount of money every month for a fixed tenure (mostly ranging from one year to five years). This scheme is meant for investors who want to deposit a fixed amount every month, in order to get a lump sum after some years. The small monthly savings in the Recurring Deposit scheme enable the depositor to accumulate a handsome amount on maturity. Interest at term deposit rates is computable on quarterly compounded basis.
What are the contribution limits for 529 plans?
The annual contribution limit for a 529 college savings plans is set by the federal gift-tax exclusion limit. As of 2008, the current limit is $12,000. There is a one-time exception, for parents/sponsors who want to make a large deposit. A parent may make up to five years of contributions in a single year, provided that no further contributions are made in that period. This means that each parent can invest $60,000 or up to $120,000 in total, with a single deposit, and without incurring any tax penalties, provided they do not add any additional money to the 529 plan for the next five years. In addition, each plan has a maximum contribution limit, which regulates how much money can be deposited into the account. The limit applies to deposits, not to the account value, so the future growth of your savings does not reduce the amount you can contribute. The limits vary from state to state, but on average they are about $250,000, check with your 529 plan manager or state treasurer's department to find the limit for your plan, or you can visit Morningstar.com, which lists the limit for each plan in its online 529 reference table.
What is a CD in terms of banking?
A Certificate of Deposit is a special type of deposit account that can be opened by any customer. The customer will deposit a large sum of money with the bank for a predetermined period of time (Usually in months or years). The bank will offer a good interest rate to the customer for parking his/her money long-term with them. The customer wouldn't break his deposit mid term and keep it until maturity because if he does so, he will be charged a penalty for doing so.
If you deposit 10000 in a bank account that pays 10 percent interest anually how much would be deposited in your account after 5 years?
5000
You deposit 700 in an account that pays 8 percent interest compounded yearlyfind the balance after 13 years?
You will have 1903.737 dollars in your account at the end of 13 years. The year wise end balance will be:756816.48881.798952.3421028.531110.8121199.6771295.6511399.3031511.2471632.1471762.7191903.737This is under the assumption that you don't deposit any fresh funds into your account and initial 700 dollars + the accumulated interest is all that is available in the account.
What is the balance after 7 years if you deposit 350 every quarter into a savings account that earns 4.5 percent interest compounded quarterly?
$11,573.02 if you deposit at the beginning of the quarter or $11,444.27 if you deposit at the end of the quarter
