Which interest rate will be higher: the interest rate the bank pays you on your savings account or the interest rate the bank charges you for a loan? Why?

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asked Dec 5, 2022 55.9k views

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Irini · Answer 1 · 2022-12-09T06:30:08+0000

Answer:

The interest rate the bank charges you for your loan.

Step-by-step explanation:

The bank is trying to make money, so the bank is going to PAY you a lower interest rate on your savings account, but CHARGE you a higher interest rate on your loan. Then, the bank makes more money out of the deal.

Which interest rate will be higher: the interest rate the bank pays you on your savings account or the interest rate the bank charges you for a loan? Why?

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