answersLogoWhite

0

What else can I help you with?

Continue Learning about Finance

What happens to the money that you deposit in a savings account at a bank?

When you deposit money in a savings account at a bank, the bank uses that money to make loans to other customers and earn interest. In return, the bank pays you interest on the money you have deposited in your savings account.


As a beneficiary on a savings account can you deposit money in that account?

Generally yes but remember that you are putting the money into THEIR account and they can spend the money that you deposited for any reason and you have no recourse because it is THEIR money.


How can I set up direct deposit to my checking or savings account?

To set up direct deposit to your checking or savings account, you will need to provide your employer or the entity making the deposit with your account number, routing number, and the type of account (checking or savings). You may need to fill out a direct deposit authorization form provided by your employer or the depositing entity. Once the information is submitted, direct deposits can be set up and funds will be automatically deposited into your account on a regular basis.


How do you put money in a savings account?

You can put money into your savings account in a number of ways, some of them are: a. Walk into your bank, fill up a deposit slip and pay the money to the bank teller b. Walk into a nearby ATM, insert your ATM card and choose cash deposit as the option and deposit your money in the ATM c. Deposit a check into your account by using either option a or option b d. Get a funds transfer done from another account and have money deposited into your account


Which of these financial products describes a time deposit?

A time deposit is a financial product where money is deposited for a specific period of time at a fixed interest rate, typically higher than a regular savings account.

Related Questions

What happens to the money that you deposit in a savings account at a bank?

When you deposit money in a savings account at a bank, the bank uses that money to make loans to other customers and earn interest. In return, the bank pays you interest on the money you have deposited in your savings account.


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.


As a beneficiary on a savings account can you deposit money in that account?

Generally yes but remember that you are putting the money into THEIR account and they can spend the money that you deposited for any reason and you have no recourse because it is THEIR money.


How can I set up direct deposit to my checking or savings account?

To set up direct deposit to your checking or savings account, you will need to provide your employer or the entity making the deposit with your account number, routing number, and the type of account (checking or savings). You may need to fill out a direct deposit authorization form provided by your employer or the depositing entity. Once the information is submitted, direct deposits can be set up and funds will be automatically deposited into your account on a regular basis.


Can you deposit a check into a savings account?

No. A check can be deposited only into the account of the individual to whom the check is made out (issued) to. Depositing it into someone else's account is not allowed and even if done by mistake, the check will not be cashed and no payments will be made.


How much cash must be deposited to open a checking account at the Whidbey Island Bank?

"Whidbey Island bank requires you to make a deposit of 100 dollars to open a checking account with them. If you are opening a savings account, you must deposit at least 150 dollars."


How do you put money in a savings account?

You can put money into your savings account in a number of ways, some of them are: a. Walk into your bank, fill up a deposit slip and pay the money to the bank teller b. Walk into a nearby ATM, insert your ATM card and choose cash deposit as the option and deposit your money in the ATM c. Deposit a check into your account by using either option a or option b d. Get a funds transfer done from another account and have money deposited into your account


Which of these financial products describes a time deposit?

A time deposit is a financial product where money is deposited for a specific period of time at a fixed interest rate, typically higher than a regular savings account.


Is a savings account a time deposit?

No, a savings account is not a time deposit. A savings account typically allows for unlimited deposits and withdrawals, while a time deposit requires the funds to be held for a fixed period of time in exchange for a higher interest rate.


How much the initial deposit to open a savings account at bpi family savings account?

1000


Why is investec commercial bank a deposit taking intermediary?

It have a variety of deposit account, such as check account, savings and time deposit


Do many banks pay interest on the money you deposit into your savings account?

Yes, many banks pay interest on the money you deposit into your savings account.