Interest on a savings account can help your money grow more quickly. Learn how interest works on savings accounts and the effect of compounding.
How much will your savings account grow from interest? Use these formulas to find out.
The formula for calculating simple interest in a savings account is Interest = P * R * T. Multiply the account balance by the interest rate by the time period.
A savings account earns interest on money stashed away for a future purpose. Used strategically, savings accounts can be a tool to help you grow your money to reach your financial goals.
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Compound interest on a savings account means interest builds on both your savings and on the interest you’ve already accrued.
Interest is how your money can grow in a savings account.
Compare savings accounts to find the best rates. Bankrate's experts have identified the highest savings account interest rates from top banks to help you maximize your earnings.