Sunday, December 4, 2011

How is compound interest rate decided in a savings account?

I mean if you wanna put some money into an account and live off the interest. Who decides what the interest rate that it'll be compounded at is?|||The bank where you deposit your money. Be sure to shop around for the best terms, and ay attention to the difference between APY and APR.|||For a savings account, the bank who holds your account decides the interest rate. This type of account is known as "passbook savings" because you can take out some or all the money any time you want to. Your investment earns very little interest. Right now in the US, most bank savings accounts pay about 1/2 of 1 percent compounded yearly. To live of that small percent of interest, you would need to have about $10,000,000 in a savings account. That would yield you about $50,000 a year before taxes to live on.|||www.earn-money.co.in teach you the method to earn online with ease. In recent days many fake website are available in internet, they steal money and waste your valuable time. In www.earn-money.co.in we teach you different method to earn from online. once you register in our website you will be notified about online earning through mail and social network.





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