I have a two bank accounts that earn interest at 6%. Its calculated daily...?

Question

I have a two bank accounts that earn interest at 6%. Its calculated daily...

If I have $10,000 in one and $10,000 in the other together they earn at the same rate so will increase at the same amount.

QUESTION:

If I instead had it all in one account would the total interest earned be more then the total interest earned combined if they were split?

Answer 1

hello friend,

That depends on your type of account.

1. if you have saving account then the interest earned is on the minimum balance between the 10th day and the 30th day of the month.

2. if the type of account is recurring then the interest is calculated on the 31st day of the month.

3. if you have fixed deposit account then the interest is calculated on the balance amount.

if the both accounts are same then you will earn the same amount together or split but if the account type is different then the interest amount can differ.

Answer 2

If you invest just $5,000 in online business at 24%, you will earn more than you earn now from both of your accounts. View my profile  and contact me at  [e-mail]

Answer 3

No they will earn the same amount of money together or split apart.

Answer 4

In your example if the APY is 6% you'd have $600 interest in both.  Combined you'd have $1200.

No.  it's no different than having a $5 bill in your left and right pockets as opposed to just having a $10 bill in one pocket.  It's the same money (of course in your pocket they both grow at 0%, but same difference).

The only issue is if one of the accounts were to pay you a higher rate because of a higher deposit amount which is a possibility.  

Jeff