How is interest gained in a savings account?

In other words how is it received? Is the money automatically deposited into the account? How often is the interest distributed? Is it every month that it is distributed? Also is the interest u receive a percentage of the amount of money you have deposited into your account? For example, I currently have $100 In my account and the interest rate for my savings account at this bank is 0.1%, how much interest would I receive?|||They use daily compunding interest


At .1% a year





Suppose you open the account with $500 today.


In one year you will have a total of $500.50


$100 today, $100.10 in a year


You will see your interest when you get your monthly or your quarterly statement.





Interest rates are low right now.


This is to purposely make you give up and spend your money to improve the economy.


Which is what the government needs - for you to spend everything you have.


Don't fall for it. Continue saving.


Interest rates will soon enough be back to normal.|||Hi,





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