Which bank is better and why?

  1. profile image46
    Joe39posted 6 years ago

    Which bank is better and why?

    Suppose you were considering depositing your savings in one of three banks, all of which pay 5 percent interest; bank A compounds annually, bank B compounds semiannually, and bank C compounds daily. Which bank would you choose? Why?

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    sandalgalposted 6 years ago

    That depends on how fast that you want your money, if you plan on touching your money over time, or if you are just simply saving. If you need elasticity, then I would personally go for bank C - compounding daily on a large balance allows you to earn more money if by chance you are going to need access to that money off the cuff. For more stable savers, bank B is the best option because they are based on balances over the year and allow you to make more as you continue to save. Bank A I would not go with because with annual interest, you won't be earning all that much on your money because it is based on an average.

    The best option for most people is compounded daily interest at Bank C.

  3. profile image45
    debbyrayposted 6 years ago

    Which bank is better and why?
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