Does Banking Your Cash Early Have Any Advantages?

Discussion in Savings & Investments Plans started by Denis Hard • Jul 27, 2014.

  1. Denis Hard

    Denis HardWell-Known Member

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    Placing money in the bank to earn interest for you is probably the worst investment choice anyone can make. But if someone isn't willing to take any risks and has a business which makes them money everyday, would it make a difference if they banked their profits for the day early in the day so their money can start earning interest immediately?
     
  2. Frogurt

    FrogurtMember

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    Interest is calculated at the close of business each day, so placing it in an account that earns interest early in the day compared to 5 mins before close won't help. Generally speaking, depositing the cash into an account that earns interest is better than just having the cash sit in a money bag waiting to be deposited.