Posted by admin on 3 Jul 2008 7:03 pm. Filed under Personal Finance.
Fake_Name asked:
I want to make a few investments and open up a prime rate savings account. When in the month do banks pay out the interest and the returns on investments?
One Comment to “When do banks pay out interest on Savings accounts and returns on Investments?”
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debberu said:
On July 6th, 2008 at 2:50 am
This depends onthe bank and savings acct you open. Most compound interest daily but either pay it monthly or quarterly. It sounds like a money market acct may be a good option for you, the interest rates are generally higher than traditional savings accts and do require a larger initial deposit. READ THE TERMS AND FINE PRINT FIRST!!
What you mean about returns on investments,I am not sure… banks do not handle and pay on brokerage accounts if that is what you are referring to..
On July 6th, 2008 at 2:50 am
This depends onthe bank and savings acct you open. Most compound interest daily but either pay it monthly or quarterly. It sounds like a money market acct may be a good option for you, the interest rates are generally higher than traditional savings accts and do require a larger initial deposit. READ THE TERMS AND FINE PRINT FIRST!!
What you mean about returns on investments,I am not sure… banks do not handle and pay on brokerage accounts if that is what you are referring to..