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What is the highest interest for a savings account at a Credit Union?
Wiki User
∙ 10y ago
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.
Wiki User
∙ 10y ago
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Where can interest rate savings be made?
One will find that interest rate savings can be made through one's local bank or credit union. One just needs to save money in a savings account, and/or in a money market account.
What is savings account called at a credit union?
A savings account at a credit union is generally called a share account.
How To Find Great Savings Interest Rates?
Getting a great interest rate on your savings can help you grow your nest egg quickly. Finding a high interest rate on a savings account takes a little research, but the financial rewards are well worth the required effort. Here are some tips to help you find a savings account with a high interest rate.Consider A Long Term Savings OptionIf you do not need to be able to access the money you have in savings, consider a long term savings account, such as a CD. When you put your money in a CD, you will not be able to access those funds for a predetermined length of time. The interest rates for these savings accounts are higher than traditional savings account options.Do Research OnlineIf you are just looking for a regular savings account that will allow you to access your money whenever you need it, you should do research online to compare savings account interest rates at different banks. Doing research online is generally faster than calling each bank individually. Make sure you read the fine print on any special offer being advertised by a bank. Some banks promise high interest rates but charge monthly account maintenance fees that offset the interest rate difference.Check Out Local Credit UnionsAnother option is to open a savings account at a local credit union. Credit unions are owned by the people who bank there, so interest rates are usually higher than they are at traditional banks. Some credit unions are not open to the public, but others are. Check out local credit unions to see if you could become a member and get a savings account with a high interest rate.Ask Your Current Bank For A Better RateIndividuals who already have a savings account with their bank but are unhappy with their current interest rate should ask their bank for a rate increase. Although the answer could be no, if you have a long standing relationship with your bank they might increase your rate because they want to retain your business. Ask your bank if they will give you a better savings account rate, and the answer might just be yes.
What is a savings account at a credits union?
A savings account at a credit union is generally called a share account.
Is it true or false that if you open a savings account you can increase your money?
True - If you keep depositing your monthly savings regularly into your savings account. False - If you don't deposit any money into your account. Money in your savings account does not increase automatically. Banks will credit a small interest amount every quarter/year into your account but that wouldn't increase your balance significantly unless you deposit funds into your account.
Can you get a payday loan with a savings account?
No! You must have a credit account!
Is savings account interest accrued and posted monthly?
It depends on the terms and conditions etc of the type of savings account. Some savings accounts have interest calculated monthly (on daily balances), and credit the amount of interest to the account monthly. Others do an annual calculation of interest, also based on daily cleared balances, but only credit the account once a year. If interest is credited each month, each subsequent month you also get interest on the interest previously credited to the account. Alternately, if the interest is paid/credited only annually, the sum credited is the total interest for the year. Interest rates are quoted taking these factors into account. An account which credits interest monthly will always pay a slightly lower Gross rate of interest than an account that has an annual interest period. This is to take account of the fact that the return on an account where the balance is increasing monthly (due to interest being added each month) will always give a higher return in the year compared to an an account with the same Gross interest rate, but which is calculated and credited only once a year.
Where can you open a savings account?
You can open a savings account at any bank or credit union. There are online bank savings accounts, too.
Should you pay off credit cards or auto loans first?
Credit cards most likely have the highest interest rate, so pay them off first. However, keep making your regularly scheduled car payments. If you have a low interest car loan, the next step after paying down the credit cards is to start a savings account so that you have more flexibility when the unexpected happens.Your credit card probably has the higher interest rate attached, so pay that off first and you will save all that interest, a greater savings than your car loan rate.
Which online bank pays the best interest on savings account?
wwww.bankaholic.com features current online savings account rates offered by all major banks and credit unions. On this site, in addition to finding out the current, ever-changing interest rates, you will also be able to read reviews on many banks.
What is the going interest rates right now for the best online savings account?
According to Bankrate.com, the Bank of Internet USA is currently offering a 1.5 APY on a savings account. The next highest is Capital One Direct Banking at 1.45 APY. wwww.bankaholic.com features an extensive look at all current high interest savings accounts offered by all major banks and credit unions, including online banks. On this site, you will be able to find the ever-changing rates and reviews.
Does it hurt my credit to close a savings account?
no. You will hurt your credit when you close an open line of credit.
