eli5: do banks pay you for saving your money with them or do you pay them to save your money?

Question

I never learned how it works

In: 3

Answer 1

Both can be true. Some banks charge fees with no interest especially if it’s below their balance minimum. Other banks pay out and no minimum balance.

Cap One is currently paying 3% for saving account but Citizen charges $75 a month for some accounts if you have below the threshold.