If someone put 1 million dollars in a bank account, what would they earn in interest in a year?
Interesting question, and as soon as I saw it, I did the math. Here’s the thing, though. You have to define “savings.” I’m going to assume the searcher meant “savings account.” But even then, are we talking regular brick-and-mortar bank savings account, or a high-yield savings account?Let’s assume you put the money in a savings account, and took out the interest every year to live on.$1,000,000 in a brick-and-mortar savings account, earning 0.02% a year (pretty standard), would earn only $2,000 – could you live on that?$1,000,000 in a savings account earning 5% a year would yield $50,000. How about $50,000 – could you live on that?Most banks offer an account that will pay you a higher interest rate if you keep a significant amount of money in the account – $1,000,000 certainly counts as a “significant amount.” For example, Bank of America offers a Money Market Savings Account that would pay 1.55% on $1,000,000 – thus yielding $15,500 on your cool million.What about insurance? Well, the Bank of America account says it’s FDIC insured “to the maximum amount allowed by law.” I’m not really sure how much that is, but I do know that most online high-yield savings accounts are insured up to $250,000. Maybe you should just spread your million out between savings accounts at four different banks!Still, the Bank of America money market account doesn’t give you as good of a rate as an online savings account: ING’s Orange Savings offers 2.75% APY on any balance – whether you’ve got $1 or $1,000,000 in there. On $1,000,000 that would be $27,500 a year – perhaps that’s a bit closer to money you can live on?Ideally, though, if you have a million dollars, you might want to look into investing it in something a little more aggressive than a savings account, especially if you’re young and you don’t have to live off the money.
To who exactly does the US owe the nearly $1 Trillion in debt?
And don't write China, because why would China give $1 Trillion to the US? Do they even have this kind of money? Particularly to loan to others? China and USA are in some kind of trade war, why would China lend that money to the USA? Who do we have to pay the $1 Trillion to?
Do I have to have an adult co sign my bank account?
To open a simple savings account, no you don't need a co-sign. As having a simple savings account requires no credit you don't need a co-signer or credit check. A savings account simply gives you an account to put money into the bank, while giving you an ATM card to withdraw from different locations. In order to use a debit card or checks you would need a checking account and thus for your first checking account you need anyone over 18 with good credit to get you started. Just go to your local credit union(don't go to a bank, go to a credit union) one that works preferably statewide or nationwide to avoid charges when taking out money from an atm and giving you more locations to go when you need to stop to a credit union to deposit or take out money. Many credit unions and banks have starter programs for teens opening their first savings account and will give you all the help you need! You will need I.D and maybe a birth certificate or social security card, I'm not sure how things have changed in the past 10 years or so when I was in highschool. Good luck
What is nation wide bank plcin manchester is this working for yahoo?
in 21 may 2008 i received an email from nation wide bank plcin manchester from this email info.nwbankplc@yahoo.co.uk that was about my prize from yahoo award that said i won some money,that yahoo released it in this bank and the claim agent of bank is Paulwilliams. now i want to help me that is it correct?is there any ones that name is paulwilliams in your bank?and i trust them or not?please help me and say to me as soon as possible
My online banking access has been suspended?
DO NOT use any phone numbers, or links provided in that text!!! Crooks often furnish fake numbers or links that lead to facilities they control, in an effort to get victims to reveal passwords, account numbers, and so on. Use only a landline telephone to call a number THAT YOU KNOW will go right to the bank. Explain the situation to an officer (one that you know perhaps) and have them monitor your accounts for unusual transactions (if they have one). Again: trust nothing that the text says to call or click!