answersLogoWhite

0

savings account earns interest.

User Avatar

Amelia Bingham

Lvl 7
5y ago

What else can I help you with?

Continue Learning about Economics

Difference between current account and savings account?

A Savings Bank Account is the basic type of bank account where customers can park or save their surplus cash. The money in the account is extremely liquid and can be withdrawn by the customer anytime they want. As a result, the interest rate provided by the banks on such accounts is also very less. In india the savings account interest rate is 4%. Banks may also give you cheque books and ATM/Debit cards to operate your bank account. A current account on the other hand is an account used predominantly by businessmen. There usually a higher number of transactions that are allowed in a current account when compared to savings account and it also earns much lesser interest than a savings account.


Why open an savings account?

A savings account is a good place to keep money safe for future needs.


Can h use scarce and savings in a sentence?

My savings account provides scarce income.


What is Demand deposit?

A demand deposit is a normal checking or savings account at a bank. Demand deposit accounts can be drawn against by writing a check or withdrawing cash. They can also be drawn against by the use of a debit cards.


Does inflation rob you of your savings?

Yes and no. If your "savings" are not in a savings account, then technically yes. This is because your savings will slowly lose its purchasing power as inflation happens (emphasis on slowly, you will only "lose" 1-5% annually unless inflation spikes in a bad way). If your savings is in a savings account and is accruing interest, then no. This is because the interest will make up for the inflation.

Related Questions

How can you split a payment between your savings account and your checking account In the ePay function?

In the ePay function, how can you split a payment between your savings account and your checking account


In the ePay function how can you split a payment between your savings account and your checking account?

In the ePay function, how can you split a payment between your savings account and your checking account


Are there more fees in a checking account compared to a savings account?

Most checking accounts have no fees. Savings account has more fees than checking accounts because of the higher interest yields available in a savings account.


What is the primary difference between a business and a personal savings account?

A business savings account his connected to a business. While a personal savings account is connected to an indvidual.


Is it wise to combine my checking and savings account, and why?

It wouldnt be wise to combine unless you are putting money from checking into your savings. A savings account is a little more protected and shouldn't be used as a checking.


What makes a savings than a checking account account a better investment?

A savings account earns interest.


What are the various types of bank accounts?

* Savings Account/Checking Account * Current Account * Fixed/Time Deposits * Recurring Deposits


Why is a checking account more convenient is savings account?

It's easier to spend the money in a checking account.


What are the disadvantages of using checking accounts?

Many checking accounts do not offer interest on the money in your savings account. This is a disadvantage because the money you put in a savings account will collect interest, where a checking account will not.


What is one different between checking account and a savings account?

a checking account holds your money and allows you to access it very easily at any time you would like.Money in a savings account is harder to access on demand, but the bank will pay you a small percentage of the total for keeping your money in that account.


Should you direct deposit your paycheck into your savings account or checking account?

It is generally recommended to direct deposit your paycheck into your checking account for easier access to your money for everyday expenses. However, you can also consider splitting your deposit between your checking and savings accounts to help save money for the future.


Which has a higher interest rate checking or saving?

Generally a savings account pays more interest, but there are some checking accounts that offer rates that are very competitive to savings accounts.

Trending Questions
Mineral products exported from the Caribbean? Advantages and disadvantage of privatization of state corporation? Mercantilism is a form of .? Which market structure is the demand curve of the market represented by the demand curve of the firm? What would the Free Trade Agreement of the Americas FTAA do? A government that operates a market economy MIGHT become involved in the economy? Is it true that appreciation results in a decrease in the value of currency? The Importance of the Electricity Bill Average? Advantages and disadvantages for producers in Newly Industrialized Countries to out perform and out produce factories in developed countries? How do you think cuba's command economic system might change after the death of Fidel Castro? What cause 2 economics recession in the? Which agreement of the New Deal stated that unions could implement collective barganing? What happens when repo rate increases? Is the study of how society chooses to employ resources to produce goods and services and distribute them for consumption among various competing groups and individual? What is micro economics basic define? Why did Charles townshend invent the 4 field crop rotation? Who was the head of the CPI? How much is the value of 1994 100 Baisa to Phil peso? Henry's wage is £450 per week.He spends 2/5 of his wage on food.30% goes on the household bills and the rest is saved.How much does Henry save each week? The structure of nigeria's socio economic system and the problems and goals of the society?