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What type of compounding would you prefer in your savings account?
Wiki User
∙ 11y ago
The more often it is compounded the better. So daily is the best, next is weekly, monthly etc. The greater the number of compounding periods, the better it is for your bottom line.
Wiki User
∙ 11y ago
walelign yigezaw
The more often it is compounded the better. So daily is the best, next is weekly, monthly etc. The greater the number of compounding periods, the better it is for your bottom line.
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How can a savings account help in money saving?
A savings account is a very good account to open up if an individual would like to start saving money. It allows extra saved money to be transferred from the checking account to the savings account.
Where can I find the best savings account?
Typically - you will not be able to find the "best" savings account, due to the fact that savings account do not generate a lot of income regardless. Your best bet would be to use the savings account with your bank, or try out a Certificate of Deposit.
What was the average savings account yield from 2008 - 2011?
The Average savings account yield would be 3.5% per year from 2008 onwards. It was the same until 2010. In 2011 the Reserve Bank increased the savings account interest rate to 4%. This makes India the country that offers the highest interest rate on savings account.
How can you make money using a savings account?
You cannot make much money out of a Savings account. The purpose of this account is to save some money for our future. It does not earn much because of the high liquidity banks have to provide to the account holders. The returns in a savings account would be between 3-4% per year.
How much to open a savings account at woodforest bank?
I would like to open a saving account at woodforest
How does one get an Abbey Savings Account?
You can get an Abbey savings account through banks such as Santander. You can also compare the savings you would receive from using an Abbey savings account online at websites such as Monevator.
Difference between compounded daily or monthly?
Compounded daily means interest is calculated and added to the account balance every day, resulting in slightly higher overall returns compared to compounding monthly, where interest is calculated once at the end of each month. This difference is due to the more frequent compounding events in daily compounding.
If i deposited 235.00 in 1974 in a savings account what would be my balance?
The amount in your balance would depend on the interest rate of your savings account.
How can a savings account help in money saving?
A savings account is a very good account to open up if an individual would like to start saving money. It allows extra saved money to be transferred from the checking account to the savings account.
What factors would you take into account when choosing a savings account?
interest charges
Where can I find the best savings account?
Typically - you will not be able to find the "best" savings account, due to the fact that savings account do not generate a lot of income regardless. Your best bet would be to use the savings account with your bank, or try out a Certificate of Deposit.
What bank account would children open?
A savings account with a parent as custodian. You have to be 18 to have your own account.
What type of account is most liquid?
The cash in your pocket, but secondary would be a savings account.
What type of account is the most liquid?
The cash in your pocket, but secondary would be a savings account.
Does a past savings account still remain?
If you opened a savings account in the past and never did anything with it, yes it would still remain opened and active
What is better for the consumer simple interest or compounded daily?
I'm thinking of bonds when answering this question. The more frequent the compounding the better it will be for the lender. The less frequent the compounding the better it will be for the borrower. Lets use this example: Interest = 10% Principle = $1000 Compounding A = Annually Compounding B = Quarterly Time period = 2 years A) At the end of the first year $100 in interest would have been made making the balance $1100. At the end of the second year $110 would be earned because of compounding and the balance would be $1210. B) At the end of the first year $103.81 in interest would have been earned with a ending balance of $1103.81. At the end of the second year the interest earned would be $114.59 and the ending balance would be $1218.40. What I showed here is that if you are the one receiving the interest you would prefer daily compounding. When you're paying out interest you would prefer simple interest.
What was the average savings account yield from 2008 - 2011?
The Average savings account yield would be 3.5% per year from 2008 onwards. It was the same until 2010. In 2011 the Reserve Bank increased the savings account interest rate to 4%. This makes India the country that offers the highest interest rate on savings account.
