Are there any savings accounts where you can achieve interest monthly and how much interest would that be? I know there are annuals and even quarterly.but what about monthly?
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on my place there is a saving accounts and also a time deposit accounts that generate monthly interest
Check out Bankrate.com
This has to be one of the most useful comparison sites on the web. It is constantly quoted by advisers, commentators, and columnists.
Most pay monthly but on annualized rates, but the highest paying you can find that can be insured is called a money market account. They invest in short term government securities so they are relatively safe and they are FDIC insured. Do not get them confused with Money market funds where you are not insured. But back to the original statement, your annual interest is usually payed monthly so if you earn 2 percent interest it’s .02/12*account balance
Get your savings into a money-market account at a credit union or an established banking institution in your community and check out their rates on CD’s as well. The rates of interest vary from institution to institution.
Are you asking if it’s paid monthly or compounded monthly?
HSBCBank is actually offering 5.05% right now on their online account. I think ING Bank is at 4.40% right now. These rates are annual rates, and both banks credit the interest to the account at the end of the month (it’s accrued throughout the month so if you take money out mid-month you will still get the interest earned on that money at month-end).
To work with these, you basically have to transfer money in from another bank account using their online interface. But once it’s all set up, it’s easy to transfer money back and forth between banks and you earn a heck of a lot more than the 0.10% that my local bank is paying on a savings account.
Most savings account pay monthly interest (interest is compounded daily but added to your account at the end of each month).
My savings is currently in ING Savings, and that’s how they work. But every savings account I’ve ever had also worked that way.
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