Question 1

Do checking accounts earn interest?

Accepted Answer

Some checking accounts earn interest, called interest-bearing checking accounts. However, rates are typically lower than savings accounts. Many standard checking accounts don't pay interest at all.

Question 2

What is compound interest?

Accepted Answer

Compound interest is interest earned on both your principal amount and previously earned interest. The more frequently interest compounds (daily vs. monthly), the more you earn over time through exponential growth.

Question 3

What happens if my bank fails?

Accepted Answer

The FDIC typically arranges for another bank to take over, and your insured deposits transfer automatically. You'll receive checks or access within days. Deposits over $250,000 may not be fully covered.

Question 4

What are closing costs on a mortgage?

Accepted Answer

Closing costs are fees paid at the end of a real estate transaction, typically 2-5% of the loan amount. They include appraisal fees, title insurance, attorney fees, origination fees, credit report charges, inspection costs, recording fees, and prepaid items like property taxes and homeowners insurance. Some costs are negotiable or can be rolled into the loan.

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Frequently Asked Questions

Do checking accounts earn interest?

What is compound interest?

What happens if my bank fails?

What are closing costs on a mortgage?

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