## The savings rates provided by the federal banks

The financial life is actually consisting of various factors. To lead a successful financial life, one has to take a lot of things into account. You have to take your spending carefully as well as take care of the returns of your spending as well. Now, for survival, you cannot ensure the return of all you're spending. Some spending is used only for consumption and they are made to keep your survival alright. You cannot deny the use of these spending. Though you can frame this consumption into a budget and thus make a savings from your regular earnings. Making a savings can become useful for an individual in various ways.

An individual can make savings in various ways. For example: he or she can keep them into a personal saving locker and keep them to him or her. One the other hand, one can make a saving deposit with the banks, and thus ensure that his or her savings can also ensure some returns. The federal bank rates for savings are pretty higher to inspire the individuals in saving. The saving rates of the federal banks are described below:
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## The saving rates of the federal banks:

- If a person makes a savings of 6 months, then the bank will return the savings with a rate of 0.25% of interest. The APY rate for the 6 month deposit will be 0.25%. In this case of saving deposit of 6 month long term only, you can see that the interest rates and the APY rates are same. The minimum starting balance for the saving deposit will have to be $500 at least.
- If a person makes a savings of 36 months, then the bank will return the savings with a rate of 0.70% of interest. The APY rate for the 36 month deposit will be 0.70%. In this case of saving deposit of 36 month long term only, you can see that the interest rates and the APY rates are same. The minimum starting balance for the saving deposit will have to be $500 at least.
- If a person makes a savings of 39 months, then the bank will return the savings with a rate of 1.49% of interest. The APY rate for the 39 month deposit will be 1.50%. The minimum starting balance for the saving deposit will have to be $500 at least.
- If a person makes a savings of 48 months, then the bank will return the savings with a rate of 1.00% of interest. The APY rate for the 48 month deposit will be 1.00%.
- If a person makes a savings of 55 months, then the bank will return the savings with a rate of 1.99% of interest. The APY rate for the 55 month deposit will be 2.00%.
- If a person makes a savings of 72 months, then the bank will return the savings with a rate of 1.99% of interest. The APY rate for the 6 month deposit will be 2.00%.

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- The savings rates provided by the federal banks
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