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How do banks encourage people to use accounts to save money?
high interest rate
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 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 people deposit money in savings accounts in banks?
Trust and convenience !
What is it called when banks automatically transfer money to and from your accounts with your permission?
your bum!
How do banks encourage people to use accounts to save money?
high interest rate
What are the advantages of having Banks?
It allows consumers to save their money for long-term uses in saving accounts, and such. Also allows banks to offer cheques; this is where chequing accounts are used, for the amount of money written on a cheque is the amount of money taken out of your chequing account.
Why are checking accounts relevant?
A checking account is an important feature to have while trying to save up money and balance finances. Most banks offer free checking accounts to new or existing customers.
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 pay their customers interests 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 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.
Which one of the following is not one of the four most common ways people can save money in banks?
Fractional reserves is not a common way to save money in banks.
Why do people deposit money in savings accounts in banks?
Trust and convenience !
What is it called when banks automatically transfer money to and from your accounts with your permission?
your bum!
Why save money in banks?
Because it is safer there but not at the moment!!
Why do banks pay their customers interest on the money in their accounts?
That money earns interest when the bank loans it out.
What do banks do with some of the profits they make by loaning out the money in their customers savings accounts?
They invest the money in high interest money markets and various other accounts. They don't loan out their customer's savings accounts, they loan out the money they make off these accounts.
