Saving, Interest Rates and Your Ordinary Life

It is part of most of our ordinary lives to save money in the bank. Saving money in the bank though it seems easy involves a lot of consideration. The most important consideration in opening a savings account is interest rates. Savings account rates changes on a daily basis except for banks which has a prescribed per annum interest rate. Why d we post about this here? It is quite simple... because savings should be part of our ordinary and daily life in order to prepare for things to come.

Talking about bank rates, on the website MonitorBankRates.com which monitors daily savings rate of online and regular banks you will see how these rates changes. According to them...

Now for the national average savings rates. The average rate for a savings account with a balance up to $2,500 paid 0.442 percent, the rate was up to from 0.441 percent, Whoo-hoo.. (remember that bank?). The Average rate for savings accounts up to $10,000 is now 0.545 percent. For savings deposits up to $25,000 the rate this week is 0.631 percent. Savings account rates for balances up to $50,000 is 0.702 percent.

In the Philippines the average bank rate is around 3% - 6% per annum or per year and that is depending on the type of account. The highest yielding accounts are those in time deposit.

For me it is still a good idea to save in a bank rather than just store your money at home in your deposit box. In the bank it will earn interest.


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