Basics of Savings
What is interest?
Savings accounts pay you just for keeping your money in the account and letting it grow over time.
Each month, a small amount of money is added to the dollars you’ve put into the account. This small amount is a percentage of your account’s total.
What is compound interest?
Compound interest is the measurement of interest whereby any interest that becomes payable is added to your original deposit. When interest is calculated again, you earn money on your money AND the added interest.
