How much interest will I collect in my savings account?
So I just opened up a savings account today at a bank and I put in $320, how long will it take me to get to $1000 (if I only collect interest and don't add anymore)
So If I'm only getting 0.20% of interest they'll only be adding 64 cents? D:
- WilliamLv 79 years agoFavorite Answer
You forgot to mention how much interest you'll be earning and if you have to pay any fees.
In all seriousness, I would say at least 40 years.
- Wayne ZLv 79 years ago
It depends upon the interest rate.
I assume a rate of .85% which might be a little high.
At that rate, $320 will grow into $1000 in approximately 134 years (not a typo).
At .2%, it will take approximately 456 years.
- Anonymous9 years ago
Banks are only paying like .20% so it will probably take you about 75/100 years.Source(s): Retired bill collector 35 years
- ?Lv 49 years ago
Just depends on how much interest your bank is offering.
- How do you think about the answers? You can sign in to vote the answer.
- 9 years ago
Assuming you receive interest payments monthly at a rate of 0.2%, it would take 569.75 years.Source(s): TI84 time value of money app