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Answered 2013-05-31 17:51:49

The amount of money in a checking or a savings account is the balance. The interest is usually based on the balance.

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Karnataka bank in india has highest interest in savings account. For the amount kept between 7 to 45days you get 4.5% as interest


One limitation of a savings account is the amount of withdrawals you can make per month. Unlike a checking account, which let's you withdraw money until there are no funds left, savings accounts are restricted to 6 withdrawals per month. Another limitation is that withdrawals usually can only put into a linked checking account- you can't directly transfer funds from a low-interest savings account to a savings account with a higher yield.


Usually, most checking accounts don't pay interest at all or if they do, a very high minimum balance is needed. Usually when it is available, savings does have more interest paid, but not a significant amount more. Because checking accounts are made to be used, interest is often lower. Savings, and variations of it, tend to be higher because it is not touched...as often.


With a high interest savings account, the saver can get a large return on their savings. At current rates, the interest can range between 3-5%. However a large amount of accounts with higher interest may impose a penalty if you withdraw from that account.


The amount in your balance would depend on the interest rate of your savings account.


They are only taxed on the interest. The money in the account should have already had its tax paid as income.


Yes, a high interest account is a very desirable savings account because you will gain a decent amount of interest on your money. You will gain much more money if you get compound interest by saving more money into the account monthly.



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.


A CD savings account is the same as a regular savings account, but for a fixed term such as 6 months or a year or five years. The interest rate on a CD savings account is typically higher than a standard savings account because you are keeping your money in the account until maturity. Once it matures, you can withdraw the amount plus interest accrued.


You can open a checking account with any amount of money - There is no dollar requirement to open the account. There are dollar limitations to interest rates, however. For example, you may receive a higher interest rate on your account if the amount is over $5000 versus if the amount is $100.


Basically in a savings account you put in a certain amount of money and based on the amount that you put in, there will be a specific interest rate. In a CD account you can put in money and the interest rate will raise as time goes by, usually starting at 0.01% the first year.


Credit Union have a savings plan where the amount of interest earned is dependant on the amount of money being saved. Further information can be found on the Credit Union website.


It does not really matter how much money you put in a savings account. The more you put, the more interest adds to the amount. You can add money to the account at any time.


Financial interest is basically free money that accrues on your savings or checking accounts. In many ways, interest is almost a gift from the financial institution for using their products and services. Earning interest, however, does depend on the amount of money you have in your accounts. If your account is low, chances are you will earn little to no interest. If they are high, you can earn a substantial amount of interest per month.


A corporation that is a for profit corporation cannot have an interest bearing checking account. However, it can have an earnings credit which is similar to an interest rate. With an earnings credit the interest earned on the Checking account is used to offset monthly fees/ charges on the account, if interested earned using the earnings credit is more than the total amount of fees/ charges it is considered a surplus and does not accrue to the checking account balance. A non profit corporation such as a 501.c.3 Can earn interest on Checking accounts due to the not for profit status.



To open a regular interest savings account one needs some proof of identity and small amount of money to deposit, usually as little as $1 to $25. Nearly all major banks offer savings accounts.


In a regular savings account, the funds are always available for withdrawl. As a result, savings accounts generally have a low rate of interest. A certificate of deposit is an investment for a specific amount of time. The funds are not available until the certificate has matured, therefore, it has a slightly higher rate of interest than a savings account.


"Yes, term deposit rates do pay more interest than a conventional savings account because you basically lock in your money to this account for a fixed amount of time, assuring your bank that you will not withdraw the money in the set amount of time."


Business deposit accounts are also known as business savings account where one can deposit an amount of money as savings for one's business. Most savings accounts will also offer interest rates.


No, the proper banking term is balance for an amount in a checking account.


A checking account is one in which you keep a certain amount of money and use it for your regular day to day transactions. For ex: to pay your phone bill, to pay for your groceries etc. Banks usually do not give you a significant interest on your deposit in this account because of the liquid nature of the account and because you can withdraw your funds anytime you want. A savings account is one in which customers save their monthly savings and they are not like the current account. Though the money is available at any time for the customer to withdraw, money is not as frequently deposited/withdrawn from it like the current account. Hence banks offer a meager interest rate for the money held in this account.


A checking account is one in which you keep a certain amount of money and use it for your regular day to day transactions. For ex: to pay your phone bill, to pay for your groceries etc. Banks usually do not give you a significant interest on your deposit in this account because of the liquid nature of the account and because you can withdraw your funds anytime you want. A savings account is one in which customers save their monthly savings and they are not like the current account. Though the money is available at any time for the customer to withdraw, money is not as frequently deposited/withdrawn from it like the current account. Hence banks offer a meager interest rate for the money held in this account.


A savings account is a great place to save money towards a particular goal (like a car, boat, home, etc) while letting the amount grow in interest income.