Why do banks pay interest?

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asked Sep 10, 2022 180k views

2 Answers

Kenji Crosland · Answer 1 · 2022-09-10T12:59:05+0000

Answer:

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.

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Why do banks pay interest?

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