How do I earn interest on my savings?

[King bell]

You can earn interest on your savings by putting your money into an account that pays interest. There are two types of accounts that can do this: a savings account (sometimes called a passbook account) and an individual retirement account (or IRA).

A savings account is easier to qualify for, but it won't earn as much interest as an IRA. The fact is, though, that almost any savings or checking account will pay you more than nothing at all. An IRA is harder to qualify for and may require you to invest in stocks or bonds before opening the account. But it also offers much higher returns than any other type of bank account when compared with the same length of time. Another advantage of an IRA is that you can withdraw your money at any time without penalty—a major advantage in case of an emergency.

To qualify for a savings account, you'll need to be at least 18 years old and to have a valid Social Security card. You also need to have some source of income, because most banks will require that you deposit a certain amount into your savings account each month before they'll let you open one. That amount will depend on the bank and the kind of checking or savings account you want. When applying for an IRA, on the other hand, you'll typically be asked to show proof that you work and have earned income before they'll even consider letting you open an account.

 

[Carpon]

This post is very educational and I think savers should be able to earn even as they save.
In my locality, it is very easy to gain interest on your savings: by just opening a fixed savings account. You will be receiving interest on your saved funds from time to time.

Moreso, I think a good way to earn from savings is by using the saved amount to purchase a liquidity which appreciates with time and an example of such is land.

It can be easily reconverted into cash when the need arises and as it is, it appreciates with the tick of the clock. You may purchase a liquidity and in no time it can double it's original price and you gain interest on it.
Though this may seem not very effective and easy for s small scale saver, it is indeed a cool way to gain interest and dividends on your savings.

 

[Jasmine]

In order to earn interest on your saving, you need to save money in a saving account in the bank. How much interest you can earn on your saving account depends on the interest policy of the central bank in your country and the policy of the bank where you are saving your money. Interest on your saving account also depends on the type of saving accounts. If you are saving in a normal saving account, you don’t get a higher interest on your savings, however, if you save money in a fixed deposit account, you can earn much higher interest rate. You need to freeze your funds for a certain time though. Instead of saving in bank accounts, you can also put your money in bonds, which offer better returns on your money. While government bonds considered more secured, they offer lesser returns, however, corporate bonds offer better rates but can be risky to buy these bonds.