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What is a bank account you keep money in and get paid interest?
Wiki User
∙ 11y ago
savings account
Wiki User
∙ 11y ago
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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.
Is it better to have a bank account or keep your money at home?
It is better to keep the money in a bank account because:The money will earn an interest which will be an additional income for youThe bank will grant loans to other customers who need the moneyThis money will be used by those customers for their business needs
What is a benefit of saving money in the bank?
In certain savings account plans they have rates of interest and the more you keep your money in there, the more money you get. This is so because they borrow your money temporarily to lend others but you still have credit for that money. So you will still have your money, but the bank will give you an interest for letting them borrow your money.
When opening a savings account why you earn a small amount of interest?
Because, the money you keep in your savings account is used by the bank to grant loans to loan customers. Since the bank earns an interest on those loans, they are obliged to share the same with the customers in the form of interest. However, the interest is very less because, the money in your savings account can be withdrawn at any point of time. If the money is put in a fixed deposit which states a maturity date, then banks usually pay a higher interest because, they can plan on how to utilize the money effectively.
How much money can you keep in your bank account?
I think as much as you want.
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.
Is it better to have a bank account or keep your money at home?
It is better to keep the money in a bank account because:The money will earn an interest which will be an additional income for youThe bank will grant loans to other customers who need the moneyThis money will be used by those customers for their business needs
Why do you receive interest on money that you keep in the bank?
The bank is paying you (compensating you) for the use of your money. When you borrow money from the bank, you pay them interest.
What is a benefit of saving money in the bank?
In certain savings account plans they have rates of interest and the more you keep your money in there, the more money you get. This is so because they borrow your money temporarily to lend others but you still have credit for that money. So you will still have your money, but the bank will give you an interest for letting them borrow your money.
What do bankers use spreadsheets for?
To keep track of how much money someone has in their bank account. To keep track of how much money someone has in their bank account.
What are the advantages of a open bank account?
"There are many advantages to opening a bank account. For example, it is an excellent way to keep your money safe. Also, over time, the money you deposit earns interest, so you get a little bit of a return on your savings that you put in."
Is there a checking account from Bank of America that will allow me to earn interest while my money is in the bank?
There is an Advantage with Tiered Interest Checking where you can earn up to 0.25% APY. If you have a Bank of America Mortgage, or you keep your average daily balance at $10,000, the account has no monthly fee. Otherwise, a monthly fee applies.
When opening a savings account why you earn a small amount of interest?
Because, the money you keep in your savings account is used by the bank to grant loans to loan customers. Since the bank earns an interest on those loans, they are obliged to share the same with the customers in the form of interest. However, the interest is very less because, the money in your savings account can be withdrawn at any point of time. If the money is put in a fixed deposit which states a maturity date, then banks usually pay a higher interest because, they can plan on how to utilize the money effectively.
Why do checking accounts have interest rates?
Certain checking accounts have interest rates because they require that the customer keep a minimum balance in the account each month. This money is used by the bank to make more money.
Is there any kind of bank account in pakistan in which we can keep large money like 100 crore?
Savings account is the bank account in Pakistan in which a person can keep large amount of money such as 100 crore.
How much do you have to keep in a Bank of America savings account to keep it open?
You can have no money and still keep it open. Bank of America doesn't care if it doesn't have any money in it . If your savings account is linked to your checking account then it should be fine.
