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Is saving money in the bank for long-term really profitable ?
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[QUOTE="Mika, post: 225603, member: 29399"] Banks offer three different kinds of accounts, normal saving account, fixed deposit account, and current account (also called checking account). Normal saving accounts: You receive interest on your saving but the interest rate is very low; you can withdraw your funds whenever you want. Fixed deposit account: You receive high interest in your saving, your funds will be locked for a certain time, and you cannot withdraw your funds before the deposit term ends. Checking account: You don't receive interest, this account is normally for businesses. If you want to benefit by saving in banks, you need to choose fixed deposit savings. In my home country, you can get a $12 percent interest rate for the fixed deposit term of 1 year. [/QUOTE]
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Is saving money in the bank for long-term really profitable ?
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