Respuesta :
I believe the answer is: High interest rate and long time period
High interest rate would provide larger increase from the saving or investment that you put. When this being done in a long period of time, each addition of interest would be accumulated and the interest amount would keep getting larger (as long as you did not take the base saving or investment)
High interest rate and long period of time will maximize the amount of interest you earn on your saving account.
The interest on a saving account are paid monthly and compounded daily, this implies the interest is calculated based on all accumulated interest and the principal.
Further Explanation
A saving account refers to an interest bearing deposit account that is offered by most financial institutions. Saving account are offered by credit unions, banks and many financial institutions.
These financial institutions pay interest on your deposits. Generally, interest rates are low as an average saving deposit account pay less than 1 percent. Also the interest on savings account varies.
Saving account has some benefits and most financial institution offers the account for free. The saving account enable individual to keep their money in a place that is safe while earning interest on it monthly. Some saving accounts require a minimum balance while some doesn’t require a minimum balance.
Although, there are some limitations with saving account as to how frequent you can withdraw funds but it is suitable for creating emergency funds and savings for goals you might want to achieve within a shortest period of time such as getting a car, embarking on vacation and many more.
LEARN MORE:
- conditions will maximize the amount of interest you earn https://brainly.com/question/9164262
- interest rate https://brainly.com/question/1770601
KEYWORDS:
- saving account
- amount of money
- banks
- minimum balance
- interest rate
