Quora Answer: How Much Interest Will I Get for $1 Million?

The following is my answer to a Quora question: “If I have a million dollars in my bank account, how much interest money I will get paid for it?”

There are several factors to consider here.  The first is the country where the account is in.  There are considerable differences in the interest rate in different parts of the world.  A good resource to check would be deposits.com.

The second is the currency of the account.  This is also relative to the country the account is in.

The third consideration is the length of the deposit.  If you have a million dollars, which I assume here to be US dollars. or something equivalent, then the bank you keep the money in will certainly contact you, and move your money to a special account for high net worth clients.  Unless it is a trade bank, or a business current account, it is highly doubtful that such an amount will be in a savings account somewhere.

All this considering, the interest rate can vary wildly from less than 1%, which means you need to fire your financial adviser, to over 10% in some parts of the world.  At the very least, for a short-term deposit, you should expect between 4 to 6% and that is being very modest.