mageshkannan
Joined: 06 Mar 2013
Posts: 36
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 Posted: Wed Mar 20, 2013 11:46 am Post subject: Revised interest rates on savings account |
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The interest rates being offered on the savings account is not decided upon the individual but by the amount that is saved in the account. This is an advantage for the account holder as the amount saved in the banking account can get them higher rates of interest, therefore more money. This would also encourage more people to opt for savings banking account.
As an account holder in a bank, most people keep transferring their accounts in order to get good interest rates. This is however not advised by the financial experts. By constantly transferring the account, there are other costs involved and this can prove to loss of money. Most savings account are also linked to the pay account and hence it is better to continue with the bank the employer has chosen as it is often coupled with some benefits. The revised interest rates are proving to be a huge advantage.
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