Does money grow in bank accounts?

Best Answer:

Daniel: Not much growth in regular savings account in recent years with interest rates so low. But still it may be better to save up for something rather than putting something on a credit card and paying high interest if you cannot pay it off in full when the bill is due or fairly promptly. It also pays to save some in case something happens.

I did not save as much as I had planned in my retirement accounts when I lost my job of the past 40 years at age 63.5 Nov 2015. But I saved enough and learned investing to the point that I have not drawn down my IRAs yet in more than a year without collecting social security yet. But the current markets may be a test whether I can preserve savings or possibly gain in flat or declining markets. There are still opportunities out there.

Other answer:

Daniel:
yes
kemperk:
barely–compared to 12 +yrs ago. Checking accounts won't but see if the banks in your area sell CD's–which were a big thing 12-35 yrs ago
[certificates of deposit, not music disks]
tro:
extremely slowly
SHELDON:
No. You get very little interest and more money comes out for service fees than you actually make in interest.
njyogibear:
interest rates in most bank accounts nowadays is very, very low.
Daniel:
NO. It is your money and YOU are responsible for growing it.
Elaine M:
Not at 1% interest.
amardeep:
Banks offer decent returns on your money bit thar too Depends on the country . Developed countries usually penalize the depositors and offer negative interest rate. Developing countries offer some interest but it hardly beats inflation. Returns are low because the risk is often low with money kept in banks.

Hence. to cut the long thing short, money may grow in banks ,but even if it does the growth is too slow.

Invest in real estate, or stocks or some business , my friend :))

nikhil:
not really

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