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What is money that is made by having a savings account at a bank?
Wiki User
∙ 12y ago
It is called the Interest. Banks usually pay a small interest to its customers who hold a savings account with the bank. The rate of interest It differs from country to country and most importantly from bank to bank. For ex: in countries like USA, Singapore etc, the rate of interest is less than 1% per annum. But, in India the minimum is 4%. Some private banks offer a much higher rate too. For ex: YES Bank offers 6%, Kotak Mahindra bank & Indus Ind Bank offer 5.5% and so on.
Wiki User
∙ 12y ago
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What is a bank account you keep money in and get paid interest?
savings account
What is a Minimum balance fee?
A Minimum Balance Fee is a payment made to your bank for not having enough money in your savings account, checkings account, ETC.
Disadvantages of savings bank account?
Actually there are no disadvantages of having a savings account. Saving money is a good habit and keeping it in a bank account is even better because it will earn you an interest. The only downside is that the interest earned in a savings account is much much lesser than a fixed deposit but nonetheless the money is liquid and you can take it anytime you want, which isn't the case with a fixed deposit.
How would you put your money in the savings account?
Take the money to a teller at your bank, or deposit it in the ATM at your bank.
Which of these options for saving money offers the most liquidity?
Piggy Bank
What are advantages to having savings in the bank?
The main benefit to having savings in a local bank is the ability to garner interest. Interest means that you receive, what is essentially, free money just for having a certain amount of money in a bank account.
What is a minimum balance?
A Minimum Balance Fee is a payment made to your bank for not having enough money in your savings account, checkings account, ETC.
What is a bank account you keep money in and get paid interest?
savings account
Does U.S. Bank offer any high yield savings accounts?
U.S. Bank does not currently have any high interest savings account. The highest paying account the bank currently has is 0.85% in a money market savings account. The highest yield available at US Bank (for a savings account) is the Package Money Market Savings account with yields up to 0.85%. This account must be opened with a US Bank Silver, Gold or Platinum checking account.
What is a children's bank account?
A children's bank account is usually a custodial savings account. This type of savings account allows parents to save money for their children's futures.
What are the benefits of getting a savings account?
The benefit of having a a savings account is that your money is safe and protected in a bank. Not only that but there is an interest rate which will add to you account generally at the end of every month. It also makes your money more easily accessed.
How does one hold a bank account?
To "Hold" a bank account is the same as having or owning a bank account. If one has a savings account, they hold that account.
What is a Minimum balance fee?
A Minimum Balance Fee is a payment made to your bank for not having enough money in your savings account, checkings account, ETC.
Disadvantages of savings bank account?
Actually there are no disadvantages of having a savings account. Saving money is a good habit and keeping it in a bank account is even better because it will earn you an interest. The only downside is that the interest earned in a savings account is much much lesser than a fixed deposit but nonetheless the money is liquid and you can take it anytime you want, which isn't the case with a fixed deposit.
What is the purpose of a savings?
A Savings Account is a type of account that is designed to promote savings among the general public. You can deposit and withdraw money from this account but at the same time the bank offers you an interest on the money deposited into the account.
What is a savings?
a 401k plan is an life time money dealing plan you should have after you quit your job
How would you put your money in the savings account?
Take the money to a teller at your bank, or deposit it in the ATM at your bank.
