I opened a saving account yesterday @ a rate of 1.833000% if i have under $ 10000 in the bank..?

Question

so i put 5000 and its been like 20 days and i still didnt get any interest.. when will i get my first interest?

Answer 1

For that amount you would be able to make more money in a safe CD, use bankrate.com to find some more favorable rates for your State.

Answer 2

it is compounded monthly, most likely

Answer 3

Interest is compounded every thirty days.

If you had put your money in an online banking account you would be getting 3.% or 3.5%, almost double the interest which would also be compounded monthly.

http://home.ingdirect.com/products/produ...

http://www.us.hsbc.com/1/2/3/personal?ho...

Answer 4

You did not do too bad. There are banks out there that are paying way less like --0.10%. You are going to get your interest monthly. This is how banks usually pay. But if you do not need the money soon, I would think about a 6 month CD and there are some paying 4% or possibly an on-line savings account. 1.83% is not much. it all depends if you need the money or if you can lock it for a short period of time.