Bank Savings Accounts
A one million dollar deposit would qualify for the upper interest rate tier.
Right now, Chase Bank is paying 0.09 percent on its Premier Savings account.
For a million-dollar deposit, that would generate $900 of interest after one year.
($1,000,000 X 0.0009 = $900).
What would the interest be on 1 million dollars?
To start with the theoretical answer, a $1 million savings account paying 5 percent would earn $50,000 a year. The nice thing about the way interest compounds is that if you left that interest in the account, it would then earn interest the following year, so that the account would produce $52,500 the following year.
Can you live off interest?
With careful planning, it is possible to live off the interest from your investments. The more money that you can invest upfront, the more interest you will be able to collect as income.
How can I get the most interest on my money?
Move your money into a high-yield interest bearing account, and you could earn $100 or more in a year than you would with low rate options.
Join a credit union.
- Switch to a high-interest online savings account.
- Sign up for a high-yield checking account.
- Build a CD ladder.
- Join a credit union.
What Bank has the best savings interest?
Best Interest Rates for Savings Accounts
|CIBC Bank USA||2.10%|
|Salem Five Direct||2.05%||0.05% for balance >$1 million Fees could reduce your earnings|
|HSBC Bank||2.01%||Cannot deposit from another HSBC acct.|
|Popular Direct||2.00%||$4/Mo. fee if balance less than $500|
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