Australian Banks give 2% interest every week

[Harwood Butcher]

First off, I don't know shit about how banks work anywhere...so don't criticize me about that.

I was just talking to my friend over MSN, who happens to be Australian, and he was explaining to me that his bank gives 2% interest for the amount of money he has in his account.

Once he told me that I started to say how if I were to take the $2,000 I just made over the summer over to his bank in Australia and deposit it that I would gain more than double in a year.

Initial Deposit = $2,000

+

A year's interest = over $2,080

=

Over $4,080

Then if I were to come back the next year when my account gained the $2,080 I would have another $2,000 to deposit into the bank which would total to roughly $6,080. Then the next year I would have roughly $12,403.2. I just don't see how this would work out. Then again...he could have been joking with me...

[Slyde]

Every week? Thats stupid as hell.

The highest one i know is 10% interest a year but thats only for people under 13 or something.

[Red_91]

That is probably a lie just because you have to pay tax, but I am not sure of how much Tax you have to pay in Australia but having that much money would literally eat the banks money up. The interest is never weekly in England its only every 6 months or a year depending on accounts. But I am not sure how frequent Australians get there interest but I wouldn't think it was weekly.