How Does a Savings Account work?
The interest you earn on savings accounts can be compounded daily or monthly and rates vary among financial institutions. Some savings accounts may require a minimum balance and most offer an interest rate to help your savings grow (even if only by a few pennies).
How does interest work on savings accounts
Money earns compound interest when the interest earned is added to the original deposit each time it is calculated. So in the case of a savings account, the interest is compounded, either daily (best) or monthly or quarterly, and you earn interest on the interest.
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