If I invest in $70 and the Balance is $1700 on the payout. Is the payout balance for one month or the whole year? Please explain the chart on the home page. Thanks.
How long does it take to get significant income in wealth spending account? I got very little dividends distributed within the last two months. I am disappointed in the outcome of monthy dividends. Is the chart on the site monthly or yearly investments? Please explain. Thanks for your time and consideration
Reply from Bank with Fair
Quincy -
I think you are confusing the account balance (which is the amount of money you personally deposited, plus any earned dividends - shown at the bottom of the chart) with the dividend payment (the amount you earn monthly - shown at the top left of the chart). The Wealth Building Account pays a 4% annual dividend (or annual percentage yield / APY). The chart indicates "Your first year's dividend" in the upper left corner. This is the dividend you receive based on your balance (bottom of the chart, labeled My Account Balance). Your monthly dividend distribution is your balance X 4% divided by 12 months. If your account balance is $1000 for an entire month, you will receive a dividend payment of $3.33. The second month your balance will be $1003.33 and you will receive a slightly higher dividend because your balance has increased. It continues to compound in this way. If you deposit $10,000 your monthly dividend will be $33.33 the first month. The rate is the same for all customers. The higher your balance, the more income you will receive.
Please contact customer service with further questions or refer to https://www.bankwithfair.com/terms-of-service#wba-terms