R
Rebecca G.
Do savings account make interest and that interest is saved into your savings account?
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Do savings account make interest and that interest is saved into your savings account?
Most savings accounts pay interest. A good place to view/compare saving account interest rates is through bank rate: https://www.bankrate.com/banking/savings/rates/
Good thought
I have not heard of any savings account that did not provide some form of interest [though many are low/dismal amounts right now]. However, if you are trying to determine if interest-from-savings will be enough to keep purchasing power the same in the future, at this time….well, I have not found any accounts brick-and-mortar nor online that have been at or above supposed inflation rate.
Yes when it comes to the right Banks
New here, any suggestions?
@Chandra W I am assuming you are new to SaverLife's community. You will find many helpful tips here, though it can sometimes be overwhelming. My suggestion is to take a little time…maybe 10-15 minutes a day to read the articles of the day and perhaps explore the forums.
If there is a thread you want to follow, commenting does not always add you to the alert list, so you may want to press the "bell" icon (usually at the top of the thread when you have it open, and at the side of the thread when you are browsing.)
As for suggestions on Savings:
Remember it takes time. Especially if one's mindset is in "lack" response. However, with every habit it can become easier.
If you do not know how much you are spending, start with tracking each expense for a month. (This can sometimes be shocking and a bit unnerving when you realize how much the little spending habits actually add up, but it also goes the same way…little ways you use to save also become big savings.)
Be kind to yourself but firm. Everyone makes fumbles here and there and it is okay to treat yourself to an extent (especially if it helps your moral in savings). Many have suggested setting a financial goal and a set reward for when you reach that goal. By setting the reward before hand, you can plan for it and not feel guilty by spending it because it was "in the budget."
Yes, I agree. Do research to find the best savings account for you.
I do want a savings account that pays the best interest rate.
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