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why do you get interest payments when you have a bank account?

  • Written by Shampa Roy-Mukherjee, Vice Dean and Associate Professor in Economics, University of East London
why do you get interest payments when you have a bank account?Andrii Iemelianenko/Shutterstock

Why do you get money back when you have a bank account? – Grace, aged nine, Belfast, Northern Ireland

A bank is a place where people go to either borrow money or save the extra money they have. If you’ve got money to save, there’s a reason why it’s better to put it in a bank account than to...

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