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Additional Details
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Duhon21 | Savings question? |
Say i put 50 bucks in a regular savings account at Bank of America and left it alone when would i collect interest, how much would i get, and how often?
Please explain in easy to understand terms, no banking terminalolgy that i wont understand please
Additional Details
I already have an account with them, with 50 bucks in it. Its free for me because they will take 25 bucks a month out every month out of my checking account. sorry i forgot to add that. But my question was answered thanks. |
 |
 
Eric M
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Bank of America's interest rate on a savings account is 1/2 of a percent. The rate may be different in your state. $50 will earn exactly 25 cents in one year at this rate if left alone, as you said ($50 x .005 = $0.25). The interest will be paid monthly, so you will get 2 cents per month. But Bank of America will charge you $3.00 per month if your balance is less than $300, so each month your account will decrease $2.98 if you open this account with them (Plus 2 cents interest minus 3 dollar charge equals a decrease of $2.98). So in 17 months, all of your money would be gone. Not a good deal.
There are probably local banks in your area that will have lower fees or no fees at all. Plus the local banks will generally have higher interest rates which will result in higher earnings for you.
To calculate how much interest you would earn monthly on any account, use this formula: money in your account ($50 in your case) times rate (1.5% would be .015, 2% would be .02, 3% would be .03, etc.) divided by 12 (number of months in a year).
Hope this helps. |
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Vicky
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I donno abt the interest rate at BoA but if u r seriour about getting more interest, then u should consider opening up an online savings account with ING direct, HSBC or even city back. all of them have more than 4% interest rate. I think HSBC has the best deal and pays the most interest without charging ne fees. visit their websites to learn more. Hope this helps. |
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OPM
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Bank of America will not open an account for $50. Below $250 they charge monthly fees, so you would lose money.
Other banks will probably take your account, but will probably pay very low rates. My guess is that you would make around ten cents per year, maybe even up to fifty cents. You would get it when you went to collect it.
You are better off buying a series I savings bond, as long as you cannot touch it for six months. The I bond rates change twice per year, it is impossible to predict what you would get and it is paid when you cash it in. |
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HungryHunter
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Interest is added to the account monthly. How much you would get depends on the interest rate. |
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rosita
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You would collect minimum interest. this is why
50 bucks is a very small amount of money. Interest is calculated (the amount of money x the interest rate) and this is given annually(once a year) usually the interest rates are so low.... like 0.2 so at the end of the year you get (50 x 0.2) = 10 bucks more.
There is a better way to save. you can open an account called a fixed deposit.. that means you put in a large amount of money and you agree not to touch it for a long period of time..... maybe 3 years. This accounts have very high interest rates... very high... usually because the banks use the money for other stuff. and you cannot break the agreement till after 3 years.
the difference between as savings and a fixed deposit is that in a savings you have access to the money say if you get sick or something. in fixed deposit you do not access the money till after the agreed period.
i hope this is simple enough. Good luck |
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oneofthebless
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You need an accout that do not have any fees. so when you do not have any with you acct. over a peroid of time the money will still be there. You can sit it up where you can have a certian amount take out of you payroll every pay period and you can build a good nest egg like that. |
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