 What would you do with a million dollars? |
| How much would you spend right away? How much would you save? What would you spend it on??? Also, if you didnt touch ANY of the money, every year that you saved the million dollars, you would make ... |
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 How can I persuade my parents to allow me to have a debit card? |
| I have a savings account, but not a checking account. You see, my parents method when it comes to buying things is, "We'll buy it for you." If I want something, sometimes they'll ... |
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 Im looking to get a mortgage in north carolina for 300,000 , im going to put 10% down which is 30,000.? |
| im looking to buy a home in north carolina for 300,000 , im going to put 10% down which is 30,000. my credit score is a 670 or 680 i have zero depth just a car payment for 240$ a month. am i able to ... |
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 Hard time paying the bills...? |
| Well, I'm having a really hard time keeping up with my bills. My husband and I are renting a home, $1500 a month. We have 3 kids, all over the age of 18. They live with us. It just seems that ... |
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 Can i get a debit or credit card at the age of 16? |
| i have a bank account at lloyds tsb and i have a cash card already. but i would like to set up a credit or debit card to buy and sell ... |
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 Blacklisted(but need a loan)? |
| hi ive tried everwere that i can think of but keep getting refused as my credit rating is bad,i need to get a loan as i need to pay off arrears of council tax,ive asked them to add it to existing ... |
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 If I borrow money from a bank to buy a vehicle, do i have to get full coverage on the vehicle? |
| I am borrowing on an unsecure loan since i don't have any credit. My mom is co-signing with me. And I was wondering if I am gonna have to get full coverage on the vehicle until i pay the bank ... |
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 How Can I Protect My House From My Girlfriend? |
| I own a house which is worth about £250,000. I have paid off the mortgage. I have always lived alone but due to being with my latest girlfriend for over a year we have decided that she will move in ... |
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 Is it a good idea to pay your bills 1 year in advance? |
| For example, my Verizon bill is $60.00. So I was thinking of just paying $720.00 upfront to get it out of the way.... |
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 Should I return the $10? |
| I just bought some groceries from a major supermarket. When I paid for the groceries, the checker accidentally gave me an extra $10. I knew she made the mistake, but took the money and ran out. T... |
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 I would like to give my grandchildren a financial birthday gift, any idea's please? |
| I don't want to give them premium bonds, can anyone suggest any other kind of financial gift for their First birthday. thankyou for your help.... |
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 What Should I Do???? |
| I borrowed 550 pounds from my grampa telling him i would pay it back when i have my trust fund money. This was about 2 months ago,I wanted the money to pay the rest of my holiday up but then me and ... |
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Christina B | Why do we recieve interest on our bank accounts? |
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senior07
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When you deposit money in a bank you are contributing to the amount of money they are able to lend out. Essentially, you are giving the bank the ability to lend out your money -- this is one of the reasons why banks are federally insured: if anything should go wrong you will not lose money.
Banks pay you interest as a sort of dividend on the money they have lent out for you. I suppose it sort of makes you a shareholder in their corperation...therefore, savings accounts typically have higher interest rates than checking accounts -- you are much more likely to withdraw and keep a low balence in your checking account than your savings account. |
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pixi_doll
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because the bank "borrows" your money to invest and give out loans. |
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droppin_b0mbs19
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We recieve interest on our bank accounts because it is the banks way of competing for your business. Basically certain banks offer higher rates for intrest so you will keep your money in their facilities. The bank then uses your money to make out cash loans and make money off late fees. Thats pretty much the basic to it all. |
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Nunoyvgvna Awi
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cause you are giving your money to the bank so they can invest it. they make a profit from that and are willing to give you a small amount back.
banks don't just put money in vaults and let it sit. if everyone went to the bank tomorrow and asked for all their money, we'd instantly see a recession as there isn't enough cash in the world. not even 20% of the people would get their actual cash in hand.
a bank is a business, they are there to make money like any other business. |
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dooneygirl@sbcglobal.net
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because ur money doenst just sit at the bank it is being worked by the bank to make money and you get a little tiny bit of it. |
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Lynn K
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The banks use the money we deposit to loan to other people and they make a fortune doing it. The pittance they pay us for interest is an embarrassment to all of us. Canadian banks posted 19 billion dollars in profits last year. |
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skahhh
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The bank has investment opportunities which you probably are not privy too....kinda like insider trading or money changing, but they are bigger because many small fries like you and I put our money into them and they make money off your money so they can be richer. Somebody has to do it. So they entice your money so they can make more money. We are all helping each other by the bank having money to lend to each other too. But make no mistake, the banks make a profit....its a business. |
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rebecca m
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so you know that your getting money instead of just losing it and it will keep you putting more money in their bank and keep it there for a long time so you can recieve that interest, the more money you put in their bank the more they have to give out loans and stuff |
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ilovelamp
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So we'll be willing to keep our money where the interest is higher.
It's a competition between banks. |
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Timothy C
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Because the bank is really using you money for loans and such and so it gives you a bit of money for supporting them. You get a tiny bit of the intrest they are collecting. |
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annjilena
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they should pay interest they,re using your money you put in the bank dont you think you deserve that for use of your money. |
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friendly advice from maine
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You get interest. ?? |
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