15.00
$350 * 6.5% = $22.75
The opportunity cost would be the potential missed income from placing the money in an interest bearing account. $500 times .03 = $15.
It depends on the terms and conditions etc of the type of savings account. Some savings accounts have interest calculated monthly (on daily balances), and credit the amount of interest to the account monthly. Others do an annual calculation of interest, also based on daily cleared balances, but only credit the account once a year. If interest is credited each month, each subsequent month you also get interest on the interest previously credited to the account. Alternately, if the interest is paid/credited only annually, the sum credited is the total interest for the year. Interest rates are quoted taking these factors into account. An account which credits interest monthly will always pay a slightly lower Gross rate of interest than an account that has an annual interest period. This is to take account of the fact that the return on an account where the balance is increasing monthly (due to interest being added each month) will always give a higher return in the year compared to an an account with the same Gross interest rate, but which is calculated and credited only once a year.
You can try to contact the bank that the account is with by searching the internet with the routing number. However, it is not likely that they will give you that information for privacy reasons.
No. If the account is earning interest the current amount should be greater than the initial deposit.
$350 * 6.5% = $22.75
An interest bearing account can be allowed withdraws immediately, like a regular checking account. A NOW account generally requires a seven day notice before money can be withdrawn. So they're similar, only one requires a notice to get money out of.
The opportunity cost would be the potential missed income from placing the money in an interest bearing account. $500 times .03 = $15.
"A high interst checking account is a type of checking account that earns interest. Usually these accounts have higher interest than a regular checking account, but not as high as a savings account."
A type of checking account that also earns interest is called an interest-bearing checking account. These accounts typically require a minimum balance to be maintained in order to earn interest.
The standard interest rate on an interest bearing checking account at a Chase bank is 0.01%. They have a variety of checking accounts with the same interest rate or less.
Many checking accounts do not offer interest on the money in your savings account. This is a disadvantage because the money you put in a savings account will collect interest, where a checking account will not.
The only tax you would pay on money in a checking account is any interest the money made if it is a interest type of account.
No. If your checking account in non interest bearing, then the you will have no interest to report on your income tax return and therefore no tax to pay.
Generally a savings account pays more interest, but there are some checking accounts that offer rates that are very competitive to savings accounts.
No, only their savings account accrues interest.
Bank of America offers a high yield checking account. They call the account an advantage with tiered interest checking account. The idea behind the account is to leave a lot of money in there for it to gain interest.