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How do I calculate monthly interest on a regular savings account?

Can you please help me calculate my interest on savings account?

  • i feel that something isn't right. my interest rate is .1000%. the bank recently added 15 cents to the $800 I had in there. how does .1000% of 800 = $0.15? shouldn't it be .80 cents

  • Answer:

    if you were getting 1.0% yes, but your only getting .1000%

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The .1% is yearly interest. You would get .80 after you keep the money in a full year. Interest rates right now are at historic lows. Note: I strongly believe that the feds are keeping interest rates low so people will give up on saving and spend on houses and cars. Don't fall victim. Save for your future no matter what the rates.

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