I'm looking for a bank account with compound interest paying to the account holder? Can anyone help?

Question

I'm looking for a bank account with compound interest paying to the account holder? Can anyone help?

Answer 1

If compound interest is important to you I'd suggest a credit union rather than a bank.  Credit unions usually pay higher interest than banks.  

Credit unions may also be more stable since they didn't give out high risk loans like the banks have done in recent years.  They aren't taking the big losses in their portfolios.

Plus, not all banks pay compound interest.  Call around and ask about rates and compounding before making a deposit.

Edit to add:  I've noticed mention of ING.  I also have an ING account, but, discovered they don't compound the interest.  My credit union accounts with slightly lower interest do better due to the compounding.  Stay away from ING if compounding is important to you.

Answer 2

look for an account that calculates interest daily and accrues monthly; it'll be compounded so long as you don't remove any of the earned interest from the account.

Answer 3

i can help you. contact me through yahoo answers. let me know what your email adress is and i can send you a referral to ING direct. use the link in the email and open a account. you will receive a $25 bonus if you fund the account with at least $250 for over a month. i will receive $10 for referring you. they pay 3% interest right now. i expect rates to go up before long. the savings account compounds interest monthly.

several here have said ing does not compound. this is not true. they do.

this is straight from ING directs FAQ's...  Interest on your savings account is accrued daily, compounded monthly and credited to your available balance at the end of each month.

Answer 4

Place your money in a "Money Market" checking account.  Right now they are paying about 2 - 3%.  If you don't need to access your money right away, you can place your money in a CD for 3,6, or 12 months or more.  CD's pay a slightly higher rate.  Your bank can will offer a table of rates for CD's, just ask.

Good Luck!

Answer 5

I would darned sure hope that they would pay it to the account holder. Here are a couple of links to explore:

http://www.bankrate.com/

http://www4.fdic.gov/IDASP/main_bankfind...

Answer 6

Yes.

Answer 7

All bank accounts pay compound interest, usually accrued monthly. Just set up an account with your current bank and you're all set.

Answer 8

Most banks pay compound interest, but, not all.  Be sure to ask about that.  For example, ING doesn't compound interest in their savings account.

Check out credit unions since they usually pay higher interest than banks.