Savings Account?

Question

If I place $100 into a savings account with 1% YPR how much is added onto my original deposit?

Answer 1

If you don't add anything at all... 1% of $100 is $1 - at the end of a year you will have $101

you'll get 0.08 per month.

The trick to a saving account is to add money and not take any out.

Also, go to INGDIRECT.COM - their YPR is 4.5%

Also, if you google the phrase "savings calculator" it will give you a calculator that will help you figure out how much you will have based on how much you deposit! Good luck!

Answer 2

Calculating compounding interest is really easy. Lets look at the case that you deposit $100 with a 4.5% APR savings account that compounds monthly.

Let P = $100
Let R = 0.045

Then at the end of twelve months, assuming monthly compounding, your balance will be:
P (1 + R/12)^12 = 100 * (1 +0.045/12)^12 = 104.593983

So you will earn $4.59 in interest in that year. The more you have in the account, the more interest you will make.

So a 4.5% APR, compounded monthly, will give you a 4.59% APY.

(Edit note: I had originally confused APR and APY in my mind. That's what I get for writing late at night!)

Answer 3

If you mean the interest rate is 1%, then you would make 1$ every year

Answer 4

$1.00 but inflation and transaction fees plus FDIC ins that the savings institution adds to your acc.you could wind up with less than you deposited.

Answer 5

if u leave it for 50 years then u will get added $50

Answer 6

$1.00 (After a year)

VERY IMPORTANT NOTE:
You will lose money on that account because inflation is higher.

I strongly suggest you to avoid those bank accounts like the Peste Negra.

Answer 7

www.bankrate.com use their calculators

Answer 8

o.