What are some of the best savings accounts rates in your country?
May 9, 2011 8:56pm CST
Just wondering the interest rate is on your savings account. Is it possible for you to earn very much from compounded interest? My bank has a very low interest rate-- only 1%-- but if you deposit at least $50 every month, then after 12 months, they give you another $50. So, because I don't put very much in savings, this is even more than I make in interest in a year, so it is a very good deal to me. How much can you earn in interest in a year? And what bank do you use?
11 May 11
Most bank in my country offer saving rates less than 1% monthly. If we want to get more interest, we should choose deposit account. Deposit account give us interest of 12 - 14 % yearly. Low interest of saving due to the loan interest is around 14 - 18% yearly. Since saving interest is very low, I don't save all of my money in bank. When there is money enough, I buy gold bar. Money is influenced by inflation while gold price is stable and tend to raise with average 30% yearly. I just save money for my needed in the next 2-3 month.