How interest is paid in a savings account

and_woox

I was searching on how interest is paid in this case(every day, once a month), but to no avail.
Do you know how it is paid in a savings account?
Thank you

surreysaver

Interest would normally be calculated daily, but paid either monthly or annually.

and_woox

Thanks for the reply.
So is a savings account a good way to beat inflation?

Lokolo

Its an ok way to beat inflation. Technically it does beat inflation but others will say that inflation is higher than what is recorded.

Investments are more likely to beat inflation.

Aegis

and_woox wrote: »

Thanks for the reply.
So is a savings account a good way to beat inflation?

Some savings products might stay ahead of inflation, but after tax the interest on most types of savings account will be too close to the figures for inflation for any meaningful growth ahead of inflation. The sad story is that aside from a few nice products like ISAs and index-linked savings certificates, savings are simply not going to grow fast enough in numeric value to grow significantly in real terms. As such, investment is pretty much required in order to grow in the long term.

and_woox

Is there anything that i should take into consideration apart from the interest % on a savings account?(hiden fees, operation conditions...)?