Great Southern Bank Advantage Saver
Highest possible interest rate of 4.60% is only available for balances $100,000 to $750,000. Balances under $100,000 can earn up to 4.50%. If the monthly conditions are not met, the interest rate for the Great Southern Bank Advantage Saver is 0.50%.
DCB bank is now providing savings accounts with the highest interest rate of 8%, and FDs with the highest interest rate, 8%, for regular customers and 8.50% for senior citizens. DCB Bank has revised savings accounts and fixed deposit interest rates for deposits below Rs 2 crore.
If you had a monthly rate of 5% and you'd like to calculate the interest for one year, your total interest would be $10,000 × 0.05 × 12 = $6,000.
Suryoday Bank latest interest rate for senior citizens
Suryoday Small Finance Bank has revised interest rates on fixed deposits below ₹2 crore. Now, senior citizens will earn from 4.50% to as high as 9.60%. The new interest rates have come into effect from May 5, 2023.
For balances under Rs 2 crore, Fincare Small Finance Bank will now provide fixed deposit interest rates between 3.60% to 9.01% for senior citizens. The highest interest rate of 9.01% is offered on tenure of 1001 days. These rates are applicable from March 24, 2023.
To earn the variable bonus interest you must make a deposit to your Westpac Life account, ensure the account balance is higher at the end than the beginning of the month and keep the account balance above $0.
Among scheduled private sector banks, SBM Bank offers the best FD interest rates of up to 8.40% p.a for a tenure of above 2 years 3 days to less than 3 years 2 days. Among scheduled public sector banks, the highest FD rate is offered by the Punjab & Sind Bank of up to 7.35% p.a. for a tenure of 555 days.
Pensioner bank accounts are specially designed to meet the needs of Australians over the age of 55 or receiving a government pension, like the Age Pension. However, not all accounts offer the same interest rates or level of service for Australian seniors.
Currently, money market funds pay between 4.47% and 4.87% in interest. With that, you can earn between $447 to $487 in interest on $10,000 each year. Certificates of deposit (CDs). CDs are offered by financial institutions for set periods of time.
Equitas Small Finance Banks
Equitas SFB offers 3.50% on balances up to Rs 1 lakh, 5.25% on balances above Rs 1 lakh to 5 lakhs. For above Rs 5 lakh, the bank is offering 7%. These rates are effective from December 14, 2022.As per the website, “Interest will be calculated on the daily closing balance of the account.
Do no withdraw cash. Despite the recent uncertainty, experts don't recommend withdrawing cash from your account. Keeping your money in financial institutions rather than in your home is safer, especially when the amount is insured. "It's not a time to pull your money out of the bank," Silver said.
A sum of $50,000 in cash can earn about $195 a year in an average bank savings account or as much as $2,300 if you put it into a high-quality corporate bond fund. Other options include money market accounts, money market funds, certificate of deposits and government and corporate bonds.
On a $100,000 mortgage at a 3% APR, your total interest costs would range from $24,304.70 to $51,777.45, depending on the loan term you choose.
If you were to place $500,000 in a high-yield savings account with a 2.15% APY and wait one year, you will have earned $10,750 in interest. This rate is likely insufficient to keep up with annual inflation, which means your money will become less valuable at a higher rate than when it's accruing interest.