Yusra3
Banned
Interest bearing accounts work like this: you deposit money in your bank account and the bank pays you interest on that money. You can get the same interest rate as a regular savings account, but with a special feature: you can withdraw your money at any time without paying any fees or penalties. This means that if you make a lot of deposits, you'll be making more money over time than if you just put your money into a regular savings account.
The only downside to interest bearing accounts is that they don't have any way of guaranteeing how much interest they will pay. If there's not enough demand for people to want to deposit their money with your bank, then there won't be enough transaction fees for them to make up for the lower interest rates.
So how do you know if an account is right for you? It depends on what kind of person or business you are! If all it takes is one trip down the street to see how many other people are running around in your neighborhood with similar interests and wallets (and who aren't buying drugs), then maybe an interest-bearing account isn't worth it for you (although maybe it's worth it for others!).
The only downside to interest bearing accounts is that they don't have any way of guaranteeing how much interest they will pay. If there's not enough demand for people to want to deposit their money with your bank, then there won't be enough transaction fees for them to make up for the lower interest rates.
So how do you know if an account is right for you? It depends on what kind of person or business you are! If all it takes is one trip down the street to see how many other people are running around in your neighborhood with similar interests and wallets (and who aren't buying drugs), then maybe an interest-bearing account isn't worth it for you (although maybe it's worth it for others!).
