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You received a 1 savings account earning 6 on your 1st birthday How much will you have in the account on your 30th birthday if you don't withdraw any money before then?
Wiki User
∙ 15y ago
Probably none, or a negative balance. Banks usually charge fees for accounts below a minimum balance, and so you will have nothing by the time you are 30. I had an account when I was 6. My mom put $25 in for me (which was the minimum balance at the time). I go back when I am 18, and they had charged fees and cancelled the account... they took my passbook. It is a nice idea to leave the money there and have it collect more money... unfortunately, banks nickel and dime you to death, so it doesn't work.
Wiki User
∙ 15y ago
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