I have just started using a debit card but i want an option for a savings account . Most saving accounts come with 0.5-1% interest rate so what exactly does that mean?
Also would like to know if this is religiously acceptable (islam) (only if anyone has that knowledge please, its alright if you dont, you can avoid mentioning it)
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“1% interest” means that every year the bank will pay you 1% of however much money you have in your savings account.
So if you have $100,000, then the bank would pay you $1000, and you would then have $101,000 in your savings account.
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