Modify Interest Rate For Savings Account
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FAQ
When you borrow money for anything from a mortgage to a credit card, the amount you pay back is dictated by the interest rate, plus any additional fees. The same goes for savings accounts where you can earn interest. Here's how interest rates work.
For example, if you have held a business or personal loan or mortgage at a bank for many years and reliably made on-time payments to that loan, the bank may be willing to increase your personal checking and savings account interest rates to hold onto a good customer (that means you).
Yet the percentage is always fluctuating. The APY on a savings account is variable. This means that an account's APY can go up when the economy is doing well and the Federal Reserve raises interest rates, and it can likewise drop when the economy weakens and the Fed lowers interest rates.
Simple interest = Principal x Interest rate x Time period Say you have $1,000 in a savings account with a simple interest rate of 2.00% APY. Using the formula, here's how much you'd earn: 1,000 x 0.02 x 1 = 20. That means you'd earn $20 in a year, leaving you with a new balance of $1,020.
Which banks offer 7% interest savings accounts? Only two financial institutions, Landmark Credit Union and Alpena Alcona Area Credit Union, currently offer 7% interest.