|
||||||
| Personal Finance Credit cards, home loans, retirement plans and taxes. The place for all your personal finance questions. |
 |
|
|
LinkBack | Thread Tools |
03-31-2005, 05:56 AM
|
|||
|
|||
Newbie Savings Account: Basic question
Hello!
I have a question about a basic savings account. X Bank is offering 3 percent interest on savings accounts. X Bank says that interest is credited monthly. I just need someone(s) to confirm that this means if I have $1,000 in the bank the entire month I will gain $30 in interest EACH MONTH AND EVERY MONTH as long as I keep that $1,000 in there. I assume this is correct but I need some advice  Thanks all 
|
|
03-31-2005, 06:39 AM
|
|||
|
|||
|
Re: Newbie Savings Account: Basic question
We would all love it if that was true, but it's more likely that the 3% is an annual rate and that they put (3%/12) in your account every month. So, if you leave $1000 in for a year you'll get $30 in interest. If I'm wrong please let me know. I would LOVE that bank!
|
|
| Currently Active Users Viewing This Thread: 1 (0 members and 1 guests) | |
| Thread Tools | |
|
|
Similar Threads
|
||||
| Thread | Thread Starter | Forum | Replies | Last Post |
| security savings bank 5.40% savings account | jdgay22 | Investing & Banking | 4 | 07-07-2006 10:30 PM |
| ING Savings Account question | genchan | Personal Finance | 15 | 03-07-2006 02:01 PM |
| Newbie Question: High Interest Savings Accounts | parafly | Personal Finance | 5 | 03-03-2006 02:44 PM |
| Basic Question, When is ING/EMMIGRANTS % compounded | Willacuz | Personal Finance | 7 | 05-15-2005 09:49 AM |
| Another newbie question | Samp | General Discussion | 2 | 04-01-2005 11:20 AM |
