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What else can I help you with?
What type of compounding would you prefer in your savings account?
The more often it is compounded the better. So daily is the best, next is weekly, monthly etc. The greater the number of compounding periods, the better it is for your bottom line.
Where can I find the best savings account?
Typically - you will not be able to find the "best" savings account, due to the fact that savings account do not generate a lot of income regardless. Your best bet would be to use the savings account with your bank, or try out a Certificate of Deposit.
What is the current interest yield in an American Express Personal Savings account?
American Express Personal Savings account is currently offering one of the highest interest rates on your money. They are offering a 1% interest on your money as of August 2011 with no fee.
What is required to open a high yield savings account with a bank?
Banks may require a deposit of $1 to $100 to start a high yield savings account. At this time many banks are offering high yield savings accounts with fees and no minimum balance after the deposit.
Compound Interest and Your Return?
Compound Interest and Your Return How interest is calculated can greatly affect your savings. The more often interest is compounded, or added to your account, the more you earn. This calculator demonstrates how compounding can affect your savings, and how interest on your interest really adds up!
What type of compounding would you prefer in your savings account?
The more often it is compounded the better. So daily is the best, next is weekly, monthly etc. The greater the number of compounding periods, the better it is for your bottom line.
Where can I find the best savings account?
Typically - you will not be able to find the "best" savings account, due to the fact that savings account do not generate a lot of income regardless. Your best bet would be to use the savings account with your bank, or try out a Certificate of Deposit.
What is the current interest yield in an American Express Personal Savings account?
American Express Personal Savings account is currently offering one of the highest interest rates on your money. They are offering a 1% interest on your money as of August 2011 with no fee.
How does the frequency of compounding interest impact the growth of savings?
The more frequent the compounding of interest, the faster your savings will grow. For example, daily compounding will result in faster growth compared to monthly or annual compounding since interest is being calculated more frequently. This is due to the effect of compounding on the earned interest, allowing it to generate additional interest over time.
What is the difference between a high yield savings account and a regular one?
A high yield savings account is more of an investment than a regular savings account. Most people put money into the high yield account without removing it for extended periods of time, so interest can compound. If you're living paycheck to paycheck, or are saving to travel in 6 months, a regular savings account is a much better choice.
What is required to open a high yield savings account with a bank?
Banks may require a deposit of $1 to $100 to start a high yield savings account. At this time many banks are offering high yield savings accounts with fees and no minimum balance after the deposit.
Compound Interest and Your Return?
Compound Interest and Your Return How interest is calculated can greatly affect your savings. The more often interest is compounded, or added to your account, the more you earn. This calculator demonstrates how compounding can affect your savings, and how interest on your interest really adds up!
Can you change a savings account to joint account?
You may be able to add someone to your savings account ..contact the bank where you have the savings account for details
How do I find a reputable Internet bank so that I can open an online savings account?
You can use a search engine to locate a reputable Internet bank that will give you an online savings account. However I suggest using a bank like BB&T (Branch Banking & Trust) to setup your online savings account, they are a solid bank offering good service. You can find them at: bbt.com
Is there a monthly service charge to have an Eggs Savings account?
No, the Egg savings account called "Egg Savings Account (internet) Issue 2" does not have a monthly service charge. This type of savings account is accessible online.
Difference between compounded daily or monthly?
Compound interest is interest that is paid on both the original principal balance and interest earned. For example, a $100 savings account with a 5% rate of interest compounded annually would have a balance of $105 at the end of year one. At the end of year two the account would earn interest income on the entire account balance of $105 and the interest payment would amount to $5.25 at which point the saver would have an account balance of $110.25. The extra 25 cents of income in year two represents interest on the previous year's interest. Savings can be compounded on different dates including annual, monthly, daily, or continuously. The compounding date represents the date that the savings account balance is updated. The difference between daily or monthly compounding does not result in materially different account balances at the end of the compounding period. For example, a $10,000 savings account compounded at 5% monthly would be worth $44,677 at the end of 30 years compared to an account balance of $44,812 when compounded daily.
What is a compound interest savings account?
Its where your savings account earns interest on the interest.
