What savings accounts earn interest?

When you deposit money into a savings account, the bank typically pays you interest on that money. The amount of interest paid varies depending on the type of account and the current interest rate, but it is generally a small percentage of the deposit. For example, if you deposit $100 into an account with a 1% interest rate, you will earn $1 in interest over the course of a year. On the other hand, if you deposit 0 into an account with a 5% interest rate, you will earn in interest over the course of a year. The interest earned on savings accounts is typically paid out monthly or quarterly. However, some banks offer accounts that pay out interest daily or even continuously. In general, the higher the interest rate, the more often the interest is paid.

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Michael Solomich

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