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Which of these is a type of savings account that is designed to accrue interest for a specific period of time?
Wiki User
∙ 10y ago
certificate of deposit
Wiki User
∙ 10y ago
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What is an example of interest-bearing account?
An Interest bearing account is a bank account in which, the banks pays you an interest for keeping your money deposited in that account. Ex: Savings Bank Account - You usually get around 3.5% rate of interest on the money you hold in your savings account in India.
What is saving bank account?
A savings bank account is an account that is designed to store savings. You cannot draw money out of it using a debit card or checks, but it pays a higher interest rate than a checking account.
Is interest applied to the saving account?
Yes, most savings accounts pay interest.
How do money accounts differ from regular savings accounts?
The means of determining interest rate. Money market account interest rates are variable and track the money market. Savings account interest rates are usually fixed.
To find out your balance on a savings account at a bank which measurements must be accurate?
The number of times interest is calculated for your account Total in your account Interest rate
Which is a type of savings account that is designed to accrue interest for a specific period of time?
certificate of deposit
What is a compound interest savings account?
Its where your savings account earns interest on the interest.
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.
Does my bank offer a high interest savings account, and is it a good way to save my money?
You will have to check with your specific bank to see if they offer high interest savings accounts but most major banks do. A high interest savings account can be a great way to invest your money. One advantage you have with a high interest savings account over a certificate of deposit is that your money is available at no penalty if you need to withdraw it.
Savings account A has 1500 and pays 3.5 percent interest yearly Savings account B has 1400 and pays 4 percent interest yearly The savings account that earned the most interest after one year is?
Account B
What is the difference between a savings account and a certificate of deposit?
In a regular savings account, the funds are always available for withdrawl. As a result, savings accounts generally have a low rate of interest. A certificate of deposit is an investment for a specific amount of time. The funds are not available until the certificate has matured, therefore, it has a slightly higher rate of interest than a savings account.
What's one difference between a checking account and a savings account?
savings account earns interest.
What makes a savings than a checking account account a better investment?
A savings account earns interest.
What type of interest rate can you expect from a high yield savings account?
Interest rates vary depending on the bank the savings account is in. For a high yield savings account, interest rates can be from 0.95-3.0% annual percentage yield.
What is considered to be a high interest savings account rate?
High interest savings account rates vary, depending upon the bank a person selects. A higher interest savings account rate could be anywhere from 0.75% to 1.00%.
What is an example of interest-bearing account?
An Interest bearing account is a bank account in which, the banks pays you an interest for keeping your money deposited in that account. Ex: Savings Bank Account - You usually get around 3.5% rate of interest on the money you hold in your savings account in India.
How can one obtain the best interest on savings?
One might obtain the best interest on savings by looking at the different interest rates banks offer and opening a savings account with that bank. Another way to obtain the best interest on savings is to open a Tax Free Savings Account.
