sythyry: (Default)
sythyry ([personal profile] sythyry) wrote2010-06-09 04:34 pm
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[identity profile] sythyry.livejournal.com 2010-06-10 02:01 am (UTC)(link)
Bank accounts don't have interest.
rowyn: (content)

[personal profile] rowyn 2010-06-10 02:03 am (UTC)(link)
That just means you'd have to wait even longer. Until they started paying you interest.

[identity profile] elorie.livejournal.com 2010-06-10 02:11 am (UTC)(link)
Ahhh. They do here, or they can. I'm a little fuzzy on the details, but it has to do with how our monetary system works and the fact that banks loan out money...basically, if you keep your money in a "savings" account (on which there are withdrawal limitations) the bank will pay you a small interest rate, because they know the money will be available for them to loan out (at a higher rate of interest) to people who want to buy houses or land. You can get a higher interest rate if you agree to leave the money there for a certain amount of time (three to five years is typical); that's called a certificate of deposit.

[identity profile] sythyry.livejournal.com 2010-06-10 02:12 am (UTC)(link)
You live in an alien and wondrous world!

[identity profile] alex-muridae.livejournal.com 2010-06-10 06:27 pm (UTC)(link)
You don't know the half of it...

[identity profile] terrycloth.livejournal.com 2010-06-10 02:16 am (UTC)(link)
Invest the money in a share in someone's business venture which is likely to eventually grow large and successful, then?

[identity profile] sythyry.livejournal.com 2010-06-10 02:17 am (UTC)(link)
That sometimes works!
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