How Interest Is Paid In A Savings Account

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MoneyMakerGroup Forum » MoneyMaking: Markets, Real Estate, Banking, and Investments » Personal Finance » Banking, Savings, CD’s, Money Markets, Bonds & Retirement Planning

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How Interest Is Paid In A Savings Account

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andwoox View Member Profile	Jun 29 2008, 03:42 PM Post #1
New MoneyMaker Group: Member Posts: 1 Joined: 29-June 08 Member No.: 145,126	I was searching on how interest is paid in this case(every day, once a month), but to no avail. Do you know how it is paid in a savings account? Thank you

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newplanner View Member Profile	Jul 5 2008, 02:28 AM Post #2
MMG Member Group: Member Posts: 30 Joined: 8-April 08 From: USA Member No.: 139,911	I think in savings account, the interest is paid half-yearly. Bcoz I have seen the interest is credited in my account twice in a year. -------------------- Find a Financial Planner

realist View Member Profile	Jul 5 2008, 03:08 AM Post #3
MMG Member Group: Admin Posts: 1,396 Joined: 28-June 08 Member No.: 145,079	Surely it all depends on the type of account you have. As far as I`m aware they all work differently, some give interest every month, some every six months, and some I know every 12 months. You should be able to find out though if you contact your provider. -------------------- Social Networking - New Folder Webmasters Hangout - New Folder Cash Giveaways - New Folder Forum Rules

newplanner View Member Profile	Jul 8 2008, 05:28 AM Post #4
MMG Member Group: Member Posts: 30 Joined: 8-April 08 From: USA Member No.: 139,911	QUOTE (realist @ Jul 5 2008, 04:08 AM) You should be able to find out though if you contact your provider. I think this is really tough to get these details. -------------------- Find a Financial Planner

PatriciaG View Member Profile	Jul 12 2008, 05:14 PM Post #5
MMG Member Group: Member Posts: 34 Joined: 12-July 08 Member No.: 145,849	You should talk to the bank that you deposit your money for you to clarify your question, there are different mode that they do in giving interest, sometimes monthly, semi annually and others are yearly. This post has been edited by PatriciaG: Jul 12 2008, 05:15 PM -------------------- Fresh Web Content Unique Original Content

newplanner View Member Profile	Jul 15 2008, 11:23 PM Post #6
MMG Member Group: Member Posts: 30 Joined: 8-April 08 From: USA Member No.: 139,911	The interest rates in savings account is so less that it hardly matters that how it is paid! -------------------- Find a Financial Planner

Redd View Member Profile	Jul 17 2008, 12:27 PM Post #7
New MoneyMaker Group: Member Posts: 3 Joined: 17-July 08 Member No.: 146,221	Most banks that I'm aware of pay interest on regular savings accts on a monthly basis with the interest compounding daily. -------------------- Do you need help planning your future?