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Answered 2013-05-05 22:49:03

Savings account has a higher interest rate than a checking account

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A savings account is intended for saving money. As such, it has a higher interest rate. A checking account usually do not have an interest rate, but you can use checks and (for some banks) debit cards to withdraw money.


There is a positive relationship between interest rate and savings. When interest rate is high people will save more in the banks or invest more so that they can get higher return on it. Higher the interest rate higher will be saving and vice versa.


Certificates of Deposit will usually have a higher interest rate than saving accounts.


No, checking accounts typically do not pay any interest at all.


The standard interest rate on an interest bearing checking account at a Chase bank is 0.01%. They have a variety of checking accounts with the same interest rate or less.


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


saving account interest rate is now 4% that is best


No. Using a credit card usually involves borrowing money and you want the lowest interest rate you can get. On the other hand, when saving money you want the highest interest rate.


The savings interest rate of Saga is actually higher than most places. It is rated at about 2.75%. I highly recommend checking it out if you are looking into something like this.


Both Checking Accounts and Savings Accounts are basic types of bank accounts provided by banks to their customers. The difference is: a. There are limitations on the number of trasactions that can be performed in a savings account on a per month basis whereas for checking accounts there are no limitations b. The interest rate offered by banks on savings account is much higher than what is offered on checking accounts because banks offer almost no interest in them


I calculate the interest rate should be given for 4 month saving deposit


Actually it is the other way round. The interest rate paid out on a savings account is generally more than that paid out on a checking account. Checking accounts offer very little or no interest at all in most countries whereas savings account offer a small interest rate.


deposit rate interest rate paid by the depository institution on the cash on deposit where as saving bank rate is interest paid by the banking institution on saving account holder which is calculated on daily basis and credited to customer account quaterly or semi annually.


They do usually have a higher interest rate, but it's only about .25 to .50 percent higher.


It's useful to save money so that when you need to buy something or pay a bill, you will have the money to do so. Savings accounts as compared to checking accounts will normally pay a higher interest rate (although at the moment, in Feb. 2013, interest rates are quite low).


Most savings accounts hold little to no interest rate currently. They are basically the same as a checking account. If you are looking for higher yield interest, consider purchasing a CD.


No. In this ecomony all the banks are at the same interest rate because no one can afford or wants to give their customers more.


the real interest rate equals nominal interest rate minus inflation rate. In the situation the inflation rate increase and the nominal interest rate remains unchanged, therefore the real interest rate must decrease.


It means that they are getting less money for deferring expenditure and saving instead. However, it is not the low nominal interest rates which matter but what the "real" interest rates are. This is the difference between the nominal interest rate and the rate of inflation. An interest rate of 2% when inflation is 0% is good news for savers but an inflation rate even as high as 10% is bad news if inflation is higher than 10%.


A savings account may pay higher interest rate than a checking account. Also, you don't have bounced checks, and NSF fees, normally.


Interest rates are based solely on the severity of your credit. Good credit = low interest rate. Bad credit = higher interest rate.


It is normally higher than the US prime interest rate.


Yes, you do earn a higher interest rate with a variable annuity than with a fixed annuity. It depends on what kind of interest rate you have at the moment.


The advantages of having a credit card with an interest rate is it helps build one's credit faster. The higher the interest rate of the credit card, the higher the credit score.


The current interest rates of US Saving Bonds are 0.2 percent for Series EE Bonds. Series I Bonds have interest rate of 1.18 percent. Series HH Bonds have interest rate of 1.5 percent.



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