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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 |
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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!
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