#Like with the bank account interest you'd need multiple accounts because that's more than is insured at a single bank

[facets-reblogging]

It's the investing that pushes it easily all the way towards the lump sum for me.

$1000/day ISN'T more income from that source than a really safe investment can get right now. 30-year treasury bonds currently pay 4.25% interest a year, every year, for 30 years. That's $425,000 a year for these amounts. Even my bank account's interest would pay more than twice what I currently make.

That COMBINED with being able to pay off huge expenses upfront. You could take one million of that, buy a great house in most parts of the country, buy a good reliable car, pay off your student loans if they're not awful, get the sturdy furniture and appliances, and STILL be making $1050/day in interest on the remaining 9 million.

Explain your reasoning plzzz

[seylan]

How To Identify Savings Accounts That have a high Rate of Interest?

If you're seeking some silver linings from the recent surge of inflation, you'll see it in the higher savings account rates available. Certain savings accounts with high interest offer attractive interest rates. With the explosion of online banking , it has brought more competition in the market for savings accounts in recent years. The competition has really risen in the market , and some banks have offered interest rates for savings up to a few points higher than the cash rate. If you're considering opening savings accounts with high interest:

Here Are Some Of The Things You Should Look Out For In The Brochures Of The Products.

Savings Interest Rate:

It is important to note that the savings interest rate for high-interest savings accounts is a fluctuating rate that is subject to change based on CBSL rates announcements. It is possible that the higher savings interest rate that is offered in the brochure could be applicable only for a short initial period. After the time period is over the interest rate for savings will return to the normal rate. Be sure to compare the bonus rate or introductory rate as well as the regular savings interest rate to ensure that you don't face any unexpected costs.

Minimum Deposit Or Balance Required:

Certain high-interest savings accounts are designed to encourage the user to save more frequently but also discourage withdrawals to build up funds inside the savings account. In this regard it is possible that you must put in a minimum amount each month. However, there's also the possibility of a maximum amount. In other institutions, they might insist that the minimum amount of money be placed in a linked account (or regular savings account) to your high-interest savings account in order to benefit from the interest rate offered by the high savings rate. Certain banks will require as high as 500000 SLR to be the minimum balance for the transaction account before the high interest savings account begins earning. In the event that you fail to maintain the minimum balance in your linked account can reduce the earning potential of the savings account with high interest.

The Withdrawal Limits Another restriction that could be enforced is a limit on withdrawals. A majority of the competitive accounts do not have restrictions or penalties for withdrawals. However , there are some institutions that have penalty fees like no interest due during the time you make a withdrawal. Make sure that you are aware of the terms before submitting your application.

The Fund Transfer Period: If the online high interest savings account as well as the transaction account linked to it are both within the same institution then you won't have any issues with fund transfers because they will be processed instantly. If, however, you have multiple institutions for each one you'll need to think ahead. It could take as little as two days before your high interest savings account is credit to transfer funds.

If the volume of your transactions is not that high and you'd like to make more money from a savings account you might not like the mandatory link to a transfer account, as it comes with monthly maintenance fees and minimal balances. Consider opening an online savings account. There are many of them available.

Conclusion

Before you sign up for a high-interest savings account, make sure that you're satisfied and know the details and terms of this offer. The effort will allow you to identify the accounts that offer the highest interest rates on savings as well as the conditions that meet your needs the best.

Contact US

Seylan Bank PLC

Seylan Towers, No 90, Galle Road, Colombo 03. Sri Lanka.

Phone: +94 11 2 008 888 Email: info@seylan.lk

Website: https://www.seylan.lk/Savings/accelerate-savings-account

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