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cheques play
cheques play asked in Business & FinancePersonal Finance · 1 decade ago

Does a savings account in a commercial bank with an expected annual yield of 8% get taxed?

Update:

Im sorry the figure is actually 3%.

2 Answers

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  • Wayne Z
    Lv 7
    1 decade ago
    Favorite Answer

    You pay taxes on the interest that you earn.

    You can find better rates online:

    INGDirect.com

    HSBCDirect.com

    There are a few others. I have accounts at the above 2. The HSBC account pays a little better interest but the ING account is much easier to use.

  • Mr. Prefect
    Lv 6
    1 decade ago

    All earned income gets taxed.

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