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Answer-Me-This | What is interest really? Is it really as simple as leaving money in the bank and you earn more money back? |
Someone break it down for me please. |
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susie h
 |
yep. The more you put it and the longer you leave it there, the more interest accrues. |
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Super B
|
Modern Money System
http://video.google.com/videoplay?docid=-9050474362583451279 |
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rhyno23rjr
|
Interest is money the bank "pays" you for having your money in their bank.
That interest is then added to your principle, which in turns earns you more interest.
Compounding interest.
The interest is reported as income on your 1099 every year. |
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James C
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yes |
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Nave
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Yes it is, at least in the case of a savings account or CD. You will simply have the interest put in your account--whatever it is, around 2.5% annually-- and that's it. Now, the more complicated question is "why would a bank do this?" and the answer is that they can earn a lot more money off of YOUR money by loaning it out to others at 7 - 15% while only paying you your pittance of 2.5%. So everybody wins, except for the fact that your savings is not even out pacing inflation at 2.5%. |
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skeptic
|
interest is the surplus earnings of the money you invested in a bank... lets say you invested or deposited $1,000... if that money is kept in the bank for a specific period, lets say 1 month.. your $1,000 will earn interest.. lets say 1% per month... after a month ur $1,000 will earn $1.00... so the total money u kept in the bank is $1,001.00 ... it grew by $1.00 |
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Michael
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That's pretty much what interest is, the bank uses your money to bankroll loans to other customers, in which they charge a higher interest rate, when you see FDIC insured you know that a bank has met certain reserve requirements for example. |
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Kathryn
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That's pretty much it. Interest is what the bank pays you for the use of your money. They take the money they have on deposit and loan it out to other people. They make their money on the difference between the interest they pay you (4% or so) and the interest they get in (6% - 9% or so). |
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MrsCunningham
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Yes it is that easy. Basically, if you have a savings account, you are lending money to the bank, so they are paying you interest. That is why your savings account has guidelines on how many times you can withdraw and a minimum amount to stay open. |
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poli0pollo
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Intrest is a compensation the bank gives you for loaning them money. It represents the extra money you could have made with that cash..
Usually its related with the inflation rate, say the rate at which the prices grow in the economy. So in time you arent theorically loosing the value of your money. |
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gary s
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When you deposit money in the bank,the bank invests it to earn money to pay the interest on savings accounts.Depending on the market it could be municipal bonds( used for city improvements),Treasury bills (Money loaned to the federal government),corporate bonds,stocks,or mutual funds(Multiple stocks managed by an outside manager). |
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pierre c
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If you leave money in the bank, they give you a small interest (pay-check) for leaving your cash in their bank to support them. Thats what interest is. However, its usually a small sum and can easily be covered over by service charges and other charges that are huge in comparison. |
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darwin
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Basically you are loaning the bank your money. They pay you interest. They loan your money to someone else and charge them more money (mortgage, school loan etc). Capitalism |
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