im lookin to take some money and put it into a saveings acount, about 300 (need to save it to be able to buy a ps3), and i was wonderin, what the normal rate of interest is, and if its a monthly thing or not?
2006-10-21 21:18:56 · 3 answers · asked by kydd 6 in Business & Finance ➔ Other - Business & Finance
weatherguy-
i know its not much, theres a bank (local) that will take that little and wouldnt charge, unless it was under 250, but i havent been able to get an answer thru them as to how much i would accumalate thru interest for a year with that lil of an amount
2006-10-21 21:27:38 · update #1
I think you should be able to get about 4.4% interest in ING or 4.8% at Capital One. You would need to link it to a checking account however, perhaps your parents'. There are no minimums or fees.
Interest is accrued monthly, but the percentage is annual, so you need to divide the percentage by 12 to figure the monthly interest.
300 at 4.5% interest for example would earn you about $1.13 for the month. Hope that helps
2006-10-21 21:22:00 · answer #1 · answered by the Boss 7 · 0⤊ 0⤋
you really can't do much with anything under a thousand. But there are online banking sites that might take $300 with the hope that they'd get more later. But, with that small amount you have to watch out for the fees applied by many banks to small accounts
2006-10-22 04:22:48 · answer #2 · answered by weatherguy 1 · 0⤊ 0⤋
Sorry, I have no idea. :-P
2006-10-22 04:19:58 · answer #3 · answered by Anonymous · 0⤊ 0⤋