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? asked in Business & FinancePersonal Finance · 9 years ago

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)

Update:

So If I'm only getting 0.20% of interest they'll only be adding 64 cents? D:

5 Answers

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  • 9 years ago
    Favorite 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.

  • 9 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.

  • Anonymous
    9 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 4
    9 years ago

    Just depends on how much interest your bank is offering.

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  • 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
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