Which interest rate will be higher: the interest rate the bank pays you on your savings account or the interest rate the bank charges you for a loan? Why?

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05-01-2021
Business

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Which interest rate will be higher: the interest rate the bank pays you on your savings account or the interest rate the bank charges you for a loan? Why?

Sagot :

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abunjan abunjan · Answer 1 · 2021-01-05T16:59:07-05:00

abunjan abunjan

05-01-2021

Answer:

The interest rate the bank charges you for your loan.

Explanation:

The bank is trying to make money, so the bank is going to PAY you a lower interest rate on your savings account, but CHARGE you a higher interest rate on your loan. Then, the bank makes more money out of the deal.

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