Banks pay interest on savings accounts because

2 answers:

7 0

I'm gonna go with C or B cause(based on Google)Banks use the money deposited on savings accounts to lend to borrowers, who pay interest on their loans. After paying for various costs, the banks pay money on savings deposits to attract new savers and keep the ones they have.

S_A_V [24]4 years ago

6 0

Hey there!

Banks aren't in the business of being nice and actually get most of their revenue from their relentless overdraft fees. While it may seem like they're doing something nice or encouraging you to save your money, they're really just encouraging you to become a customer. They don't invest your money, since it needs to be present for you if you want to withdraw it.

Interest on your savings is simply a method for getting new customers.

Hope this helped you out! :-)

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