Do banks pay interest back to the owner for money in the account?

Question

Also include the interest rate associated with this.

Answer 1

~~There is a wide array of accounts to choose from as well as a huge variety of banks, and yes they do have interest bearing checking and savings accounts. You will find varied interest rates depending on the bank and type of account you choose to open. It's easiest to go on each banks website and learn about the type of accounts they offer, as it would save you much in time and fuel.~~

Answer 2

Yes, banks pay interest on some kinds of accounts.

In the US:

Saving accounts and interest bearing checking accounts are currently paying under 1%.

Money market accounts pay in the neighborhood of 5% depending on which bank.

Answer 3

Many banks don't, some do, the interest rates on money in checking accounts is usually quite low and depends on the prevailing interest rate in the country and at the time. You do have to check every bank you are considering about it's policy before you can decide.

Answer 4

Yes they do, but most banks pay back like 0.5% annual interest.

Answer 5

Yes, they pay interest depending on what type of account you have with the bank. Most pay 4% or less usually. It's not very much. Plus you have to have a minimum balance and sometimes you have to leave it in the account for a certain amount of time.