2007-06-07 04:03:28 · 7 answers · asked by legaleye2005 1 in Business & Finance ➔ Personal Finance
It depends on the bank. I get interest quarterly.
2007-06-07 04:06:32 · answer #1 · answered by Tonya 2 · 0⤊ 0⤋
Interest is accumulating continuously in savings accounts. Depending on your account details the bank will put the interest into your account monthly or quarterly.
Interest rates for savings account are tied to many factors and have nothing to do with banks trying to get rid of savings accounts. Banks are activily trying to get more in savings accounts.
2007-06-07 11:11:17 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Should be accumulating all the time as compound interest. Depends on bank when penalties accrue for early withdrawal. Alot of banks would like to get away from savings accounts is why their interest is so low, 1-2 %. At that rate, you might as well put it in your mattress except that it's guaranteed in the event that bank goes under. I'm fairly sure about what I just said but I'm not a banker like Kramer.
2007-06-07 11:08:36 · answer #3 · answered by Anonymous · 0⤊ 1⤋
You should get interest credited to your account each month. Check with your bank.
2007-06-07 11:06:54 · answer #4 · answered by csmebit 2 · 0⤊ 0⤋
you should check with your bank. on my regular savings account, interest gets posted every quarter.
2007-06-07 11:11:15 · answer #5 · answered by Sophiesmama 6 · 0⤊ 0⤋
Frequency depends on the bank. And there will probably be different schedules for compounding and for posting - maybe compounded daily, posted monthly.
2007-06-07 11:56:59 · answer #6 · answered by Judy 7 · 0⤊ 0⤋
I think you can choose. but you could better deals by choosing year. I think the best idea for you, it to have a chat with the bank and see what they come up with.
2007-06-07 11:12:42 · answer #7 · answered by vicky 3 · 0⤊ 0⤋