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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If you’re worried about the religious aspect you should really speak with one of your religious leaders.
Generally speaking I think religions that have problems with interest are more from the banking side: they ask you to lend money *freely* to other people and *not* take interest back.
However, it’s much more rare for one to argue it is bad if someone else wants to take your money, invest it, and pay you back some of their gains via interest. That’s more like how savings interest works. Technically the bank is loaning your money to other people and giving you back a tiny percent of that interest. HOWEVER, some people feel like that layer of indirection is still a violation of “don’t do it”.
So please don’t take internet advice for spiritual matters, take the advice of someone you see as an authority on your religion. Those people will be able to explain the answer that is most compatible with what you believe.
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