Interest rate
The interest rate is the compensation the bank pays customers for depositing their money.
When you take out a deposit you need to consider the interest you will be paid as well as the term or duration of the deposit.
Banks are free to set the interest rate depending on market conditions and their commercial policy. The interest rate can be fixed or variable, based on a benchmark rate
It is essential to check the Annual Percentage Rate (APR) when comparing offers. This will tell you how much the deposit will actually pay, as it includes any fees and expenses together with the interest.
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FREQUENTLY ASKED QUESTIONS
Is the money in a deposit account or time deposit safe if the bank goes bankrupt?
Read answeraboutIs the money in a deposit account or time deposit safe if the bank goes bankrupt?
Do all the holders have to give their consent to withdraw money from a jointly held deposit or cancel it in advance?
Read answeraboutDo all the holders have to give their consent to withdraw money from a jointly held deposit or cancel it in advance?
