Maximizing Interest on Your Savings

[Kane]

While saving does not give you as much return as an investment, however, if you keep your money in high-yield accounts, you might earn well. Earning interest on savings means you keep money in a savings account in a bank. The amount of interest you can earn on your principal amount depends on your country’s central bank policies and the type of savings account. Regular savings accounts offer lower interest rates, but fixed deposit saving accounts can yield higher returns. You can withdraw your money from a normal savings account whenever you can but with a fixed deposit saving account, you will have to lock your funds for a certain period. In our country, a normal saving account gives you around 6 percent annual returns whereas fixed deposit saving accounts can give you as much as 10 percent annualized returns.