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Because - the purpose of a current account - is to have cash 'on-demand'. Current accounts are intended for everyday use (bills, credit card payments, shopping etc). Deposit accounts are intended as short or long-term savings - with money expected to be left in the account for at least a short while. Banks reward deposit accounts because they are intended as a savings tool, rather than a ready source of cash.
What else can I help you with?
Where can one find more information on the best current interests rates on savings accounts?
A person can find the best current interest rates on savings accounts by visiting branch offices of local banks in their area and comparing interest rates.
What are the interest rates on current accounts at some major banks?
Interest rates are constantly changing and vary according to the type of account. Bankrate is the best resource for comparing the daily rates at major banks.
What is the current interest rate for a saving account?
Currently (2009), interest rates on savings accounts are very very low. Different banks have different interest rates. In India as of November 2011, the interest rates are 4% or above. banks can essentially set the rate of interest they choose to pay for money held in savings accounts to their customers
Do banks offer compound interest on their savings accounts?
Yes, banks typically offer compound interest on their savings accounts, which means that interest is calculated on both the initial deposit and the accumulated interest.
When is interest levied on a current account?
Sorry. Not a 'one-size-fits-all kind of answer since each financial institution has its own adopted and published interest-crediting practices. You have to contact your financial institution to find out what your account's rules are.Answer:You do not earn interest on current accounts. Because of the high liquidity offered in current accounts banks do not offer interest on the balance maintained in those accounts.
What is the interest rate for current account?
0% Most current accounts do not offer any interest on the balance maintained with them. This is because, the money held in a current account is highly liquid and can be withdrawn any time. So, in order to compensate for the liquidity, banks offer very little to 0% interest. Even if they offer any interest it may not cross 1% per annum.
What national bank has the best interest rates on their free checking accounts?
Interest rates change daily among banks. To get the most current rates check bankrate.com
Who offers business current accounts?
There are a few banks that offer business current accounts. HSBC Bank is one of the most popular banks that offer these types of accounts to their customers.
Which banks offer interest accounts?
The banks that offer interest accounts are Ally Bank, Mutual of Omaha Bank, Citibank and a average bank should have that. Compare the interest rates at best rates to get the best.
Where can one register for high interest money market accounts?
You can register high interest money making accounts at your current banking institution. There are also several non traditional online banks that would be willing to help you with these services.
What are some of the best banks with the highest interest rates for savings accounts?
Some of the best banks with the highest interest rates for saving accounts are the Bank of England, the Bank of Switzerland, and various banks in the Cayman Islands.
What banks offer online savings accounts with high interest payouts?
There are several banks that offer online savings accounts with high interest payouts. The best banks to use for this are Suntrust and America's First Bank.
