Savings account calculator – Best saving account rates – Best interest rates for savings
Savings account is one among the types of account that is offered by an approved financial institution. You have to deposit some money into the account and interest will be calculated at a fixed rate and that amount will get added to your account regularly. The best interest rates for savings account are varied from one bank to the other. Some banks use to maintain fixed rates and some have variable rates. Savings account calculator is of two types, one is the standalone program and the other being the online program. Standalone software do not require internet connection for its functioning but whereas the one which is present online, needs an internet connection.
It would be better to use the savings account calculator which is present at the bank’s official website. Using this calculator, you can manipulate the initial and periodic deposits to your account; interest rates; and how many years you are holding this account. This calculator also shows interest amount earned by your account. This type of tool will help you to make your banking works quickly. While speaking about the interest rates offered by the bank, you must be sure of banks that are offering the best saving account rates.
You can check interest rates of different banks either by online or by actually visiting banks. Check the terms and conditions before signing the deal because some banks offer interest rates at the beginning. For instance, if your initial deposit is $2000 and for 3 months you deposit $100 each week then the total amount in your account will be $2000 + ($100*4*3)=$3200. The number 4 represents weeks in a month and the number 3 represents number of months for which the interest is to be calculated. So, the interest would be 5.3% and interest amount is $169.8 and is added to your deposit. Check for value added services offered by different banks.
When you do online shopping, the amount spent is rounded off to nearest value. The amount difference is added to your account and thereby increasing your interest amount. Check out for customer services in different banks. Some banks use to give penalty on your account as if you are closing the account before maturing. Hidden rates and bonus rates are checked before opening an account. Choose a bank that offers best interest rates for savings account. Most banks offer a less interest rate but do some research online and get to know more about high interest banks. Another method of getting more interest is by saving on your expenses. Some banks offer interest rates ranging from 2.4% to 6%. 3.5% is the medium range that most banks do offer.
Many banks are offering the best rates to attract customers and have their savings account opened in their bank. So, you must do some research online to get the best deal done. The interest rates in US and UK are about 3.5% and anyone can make use of this scheme and deposit as little as a penny and start earning the money.