Its where your savings account earns interest on the interest.
The typical interest rates on a savings account is around one to three percent. You can ask bank of america or us bank. Wells Fargo offers the highest percentage on savings.
Savings account interest rates can vary depending on where you're banking. These can rand from 2 percent all the way down to .65 percent. This also depends on where you have your account and how long you've had it for or if you open an account up during these interest rate deals.
If you opened a savings account and deposited 5000 in a six percent interest rate compounded daily, then the amount in the account after 180 days will be 5148.
One might obtain the best interest on savings by looking at the different interest rates banks offer and opening a savings account with that bank. Another way to obtain the best interest on savings is to open a Tax Free Savings Account.
savings account earns interest.
A savings account earns interest.
If the savings account gives you interest, your savings will grow a little.
A CD savings account might earn money for you. This type of savings account earns interest for the person who purchases the CD.
You can calculate the value of savings in an account by multiplying your savings by the annual interest rate eg savings of 500 with 1% interest are worth (500 x 0.01) + 500 = 505.
Interest rates vary depending on the bank the savings account is in. For a high yield savings account, interest rates can be from 0.95-3.0% annual percentage yield.
High interest savings account rates vary, depending upon the bank a person selects. A higher interest savings account rate could be anywhere from 0.75% to 1.00%.