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Do banks pay interest?
Yes & No. Some Banks usually pay interest that can be compounded every quarter on most fixed deposit plans. But, this is not applicable to all banks. Most banks still pay only simple interest on all deposit schemes.
Do banks pay compound interest?
Yes & No. Some Banks usually pay interest that can be compounded every quarter on most fixed deposit plans. But, this is not applicable to all banks. Most banks still pay only simple interest on all deposit schemes.
What do banks pay to their savings account customer?
Interest
What banks pay to their savings account customers?
Interest
Why do banks pay their customer interest on the money in their savings account?
The bank charged interest when it loaned that money to someone else. So in return, the banks pay their customers interest on the money they borrowed from their savings accounts.
Why do banks pay their customers interest in the money in their savings accounts?
The bank charged interest when it loaned that money to someone else. So in return, the banks pay their customers interest on the money they borrowed from their savings accounts.
Why do banks pay their customers interest on the money in their savings accounts?
The bank charged interest when it loaned that money to someone else. So in return, the banks pay their customers interest on the money they borrowed from their savings accounts.
Why do banks give interest on deposit?
Banks make money by lending money to people and charging people for borrowing. The amount banks charge is called interest. Banks borrow money from other people and pay them interest on the amount borrowed. Banks charge more interest on the money they lend than they pay one the money they borrow. That is how they make money. When people deposit money with a bank, the bank is literally borrowing money from some people so they can lend it to other people. That is why banks pay interest.
Why do banks pay their customers interest on the money in their accounts?
That money earns interest when the bank loans it out.
Banks pay their costumers interest on the money in their accounts for what reason?
Banks pay their consumers interest on their money in their accounts because, the same money is what the bank use to lend loans to other customers. As they are going to earn an income through the interest they charge the loan customers, banks give a portion of that interest as interest for the customers who have deposited their money with them.
Why do bank savings account interest rates change over the years?
The interest rate at which they lend out money changes, which changes your interest rate. Banks are a buisness and if their interest rates are lower then your interest rates, they make no money on it. The interest rate taht banks pay is changed because the rate that banks pay to the govenrment changes. Whnever the federal reserve rate changes,your interest rates can change.
What is the fee that banks pay a fee to use your money?
Deposit interest.
