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Interest On Savings Accounts In The U.S
For people living in Western countries, there are no options except interest bearing Savings accounts. What is the ruling on those? What should we do with the interest that these accounts accumulate over time?
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2 Replies
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Interest On Savings Accounts In The U.S
updated 5 years, 4 months ago
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Checking accounts don’t pay any interest. Why do we need to insist on savings accounts? Also if one must use a savings account, most banks honor customer requests to not deposit any interest in their accounts.
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JazakAllah for the response. I’ve recently moved here and most free checking accounts (like Capital One 360) actually are interest bearing; others either have a monthly fee or requirements like a regular direct deposit. But I wasn’t aware that I can request banks to opt out of interest – I will speak with customer service for my bank.
Assalam o Alaikum
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