Saving Account Rates are determined by how much the account holder invests in their money and in what types of investments they invest their money in. The rates of interest for savings accounts are generally set by the lender of the account and it is not possible to change the current interest rates by the lender. The rate for the bank will only be affected if the account holder decides to open a new account at the bank where they have their account with.
There are several factors that can affect the rate that the account holders is offered by a bank and the most important thing is that the account holder knows that they are being offered a rate that they can afford and a rate that the account holder can use to help them meet their goals of investing in their future financial future. If the rate offered is too high or too low, it can mean that the account holder cannot afford to meet their financial goals.
There are other factors that can affect how a bank or other company rates the account holders accounts including the amount that the account holder withdraws each month, how much they deposit into the account, what type of accounts they open with the account provider, what their credit rating is, how long it takes them to pay the balance off, and the types of investments they make. The rates of interest that they offer can change as the economy changes so knowing when you will be eligible for a rate increase is the best way to be able to understand your saving account rates.
Another thing that can affect the rate that your account holders are being offered is the amount of money that they are opening up for. The more money they are able to open the account for the higher the chance that they can qualify for a higher rate of interest.
Most account holders that open up savings account have a good credit rating. Some of the account holders may have a credit history that does not show any debt. In order to keep the account open for as long as possible an account holder should only make one or two purchases each month and make payments on time for at least three months before applying to the bank for a higher rate of interest.
When you look at savings account rates it is important that you know what the account providers policies are on late payment fees. Sometimes account holders are given a grace period and then given a late fee or charge card when they are past due with their bill. It is not fair to the bank to charge an account holder so they can’t afford their expenses if they can afford the costs.