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What's 'interest'?Hi Kashin, My mum tells me that the money I put into my bank account will get interest added to it. Dad tells me that interest means you will give me money for leaving my money in the bank. So can you tell me how much money I would have after one year if I started with $100?PAIGE SKINNER, 8, Peninsula Primary School, Auckland |
Hi Paige, When you open a savings account at a bank, the bank will pay you to keep your money at their bank. 'Interest' is that payment you receive from the bank. But banks offer different rates of interest so it pays to shop around first to find out which bank would best suit you. If you opened a Headstart savings account at the ASB for instance and you deposited $100 and left it in there for a year, then you would receive $2.04 interest
from the bank. This is based on their current interest rate of 2.25 percent per annum (at the time of writing) and after the deduction of the minimum Resident Withholding Tax (which the government says everybody has to pay). It does all sound quite complicated but the most important thing to remember is that the more money you can save, the greater the amount of interest you will receive from the bank.
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My Christmas card businessHi Upstart, I made Christmas cards last year and I'm doing it again this year. Plus I'm making gift tags and bookmarks to sell during the school holidays. It all started when Granny gave me a card making kit on my birthday and so my business began. Then I searched on the Internet for ideas on how to make cards. I sold cards to the people in my church and they were happy to buy. The small cards cost $1, the medium is $2 and the big ones are $3. The gift tags are 50 cents and the bookmarks are also $1. I also bring the cards along with me and offer them for sale to people – at the bus stop or anywhere. It's fun doing it and I'm earning money, which I'm saving for future use. I'll also be making Easter cards next year - ZERJEI KYLE GREEN, 10, Diamond Harbour School, Christchurch |
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Would you like to feature in Upstart Magazine?If so, I'd love to hear from you for this section in Pinger Power featuring Kiwi kids who have started their own 'business'. Perhaps you're making and marketing your own products to sell? Maybe you've thought up a business that offers a service to others? Tell me a bit about yourself and your business or moneymaking tip! |
