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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Interest means that your savings account will theoretically generate more that what was put in it. For example, if you have $10,000 in an interest-generating savings account with a rate of 1%, and you never take any money out or add money, at the end of the year you’ll have $10,100 in that savings account.
I have no idea what this could mean in regards to Islam.
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