Ask Milo

Something you want to know? Ask Milo!Something you want to know? Ask Milo!

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How much interest do you get each month if you have $600?

Interest rates on savings account can vary and can change at any time. They can also change depending on your balance or type of savings account. The interest rate on a Blue Bucks savings account today is 0.65% and is compounded daily. Compounding is a method of how interest is calculated on your account balance. It means that the interest you earn each day is added to your account balance (in this case, $600) each day, which allows you to earn interest on the interest you've earned. Although the interest is added to the account balance for the interest calculations, the interest does not get placed in your account until the end of the month.

If you were to keep $600 in your account for 30 days (and there were no changes in the interest rate during those 30 days), you would earn 33 cents at the .65% interest rate.

Why does a box of 12 things cost less than a box of 3?

Great question! You'll run into this a lot when shopping. For instance, you can buy 15 pieces of gum for 99 cents, but only get one candy bar for the same price. You could buy one music CD for $15, but receive 10 blank CDs for the same price. It comes down to the VALUE of the item you are buying.

Value is an amount considered to be a fair equivalent for something else. In other words, the value is what that item is worth. You could get 10 blank CDs for the same price as one music CD because the value of that music CD is much higher than a blank one. Therefore, you receive more blank CDs in a package to make up for the value of one music CD.

Make it a point to study the cost of items the next time you are in the store and recognize their value. I think this will help you understand it more!

What is Milo?

I am a Moose. Did you know that Moose means "twig eater"? To get you a little more familiar with what kind of animal I am, here are a few other interesting facts:

  • My beard is called a dewlap.
  • A female Moose is called a Cow and male Moose are called Bulls.
  • I have a short tail like a deer.
  • My small toes are called "dew claws".
  • Moose can run up to 35 miles an hour.
  • A Moose like myself, eats about 45 pounds of food EACH day!
  • Moose antlers can weigh up to 85 pounds and each Moose has its own unique set of antlers.
  • A newborn baby Moose weighs about 25 pounds.
  • A Moose is a herbivore, meaning we eat only plants and vegetation in the fields, no meat.

Now you know what I am! You can find many more facts about Moose at a library or on the Internet.

How do I save for college?

There are many different ways you can save for college. One of the easiest is to save money in a savings account, such as your Blue Bucks account. Sit with an adult to establish a savings schedule in which you determine how much of each allowance or job money you want to deposit into your account each week or month. As you get older, make adjustments to this budget schedule, depositing more as your allowances and paychecks increase. Once you turn 15, your Blue Bucks money you've saved will be transferred into your new Blue Chips account for savers between 15 and 18 years of age. 'As before, you continue depositing money into your account until you turn 18. 'After you turn 18, you may open many different Capitol Federal savings accounts. It's an easy way to watch your money grow little by little and give you some help in the future for college.

You also may ask your parents or grandparents to contact a Capitol Federal customer service representative regarding our Education IRA accounts, which also can help provide educational funds when the time comes for you to attend college. Great question and good luck.

How much interest do you make in a month?

When you leave your savings in an account, Capitol Federal Savings pays you extra money for keeping it there! It is called interest.

How much interest you earn depends on:

  1. The annual percentage yield [APY] earned on the account. APY is based on the rate of interest earned on the account, and how often the interest is added into your balance. 'Each type of account may earn a different rate of interest each month. The APY earned on a checking account might be different from the APY on a certificate of deposit. 
  2. How much money you have in that account. The more money you deposit into your Blue Bucks account, the more interest you will earn.
  3. How long you keep the money in your account. The longer you keep your savings in the account, the more your interest will grow.

How do you balance a checkbook?

Start by knowing how much money you have in your checking account. You can do this by asking your parents or a teller at the bank. Write this amount in the 'Balance' column in your checkbook, or if you have already been writing some checks, make sure this amount matches what you have written down in your book. The rest is simply adding and subtracting debits and credits from your account.

A debit is when you buy something or donate your money by writing out a check! Once you do this, you write down the number of your check under 'Number'. Write down the date you wrote the check under 'Date'. Under 'Transaction Description or Payee Name' record to what or to whom the check was written. When writing a check, you put the amount under the 'Payment or Withdrawal' column. You subtract debits from your 'Balance' amount.

An even better part of balancing is receiving a check for something. When you receive money, this is called a credit. You record this number under the 'Deposit or Interest' column and add it to your balance.

I hope this gets you well on your way to balancing your checkbook! Should you have any questions, an adult, myself or a Capitol Federal teller is always there to help you! Happy checking!

Who is on the $1 bill?

The picture on the front of the U.S. one dollar bill is George Washington. He was the first president of the United States, serving our country from 1789-1797. President Washington was nicknamed, "the Father of our Country".

How much interest do you earn?

Now this is an interesting question. It all depends on the current economy and the type of account in which you want to invest. In general, longer term investments pay higher interest. Please know there are exceptions, though.

For example - a savings account may pay 2.5%, a 6-month CD (Certificate of Deposit) might pay 4% and a Money Market account might pay 6% on your money. CDs and Money Market accounts generally pay more than a normal savings account, because they require a higher minimum balance. There is a specific time agreement for Certificates of Deposit, so by promising to keep your money in the account for the agreed time, a higher interest rate is paid.

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