5 Things to Know About Savings Accounts
A savings account is an important tool to help you save and grow your money. In most cases, it’s a pretty straightforward bank deposit account that enables you to save money…
Banking
At Investing Personal Finance, we want you to get the most out of your banking experience. Whether you want to save for the future or spend smartly in the present, savvy banking can make all the difference. Educate yourself on the industry and compare offers from leading banking institutions.
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When you put your money into a savings account, a money market account or in a certificate of deposit account (CD), your principal deposit accumulates interest. That’s because by keeping your money in an interest-bearing account, this gives the bank or financial institution permission to use your money to lend to customers in need of a loan. Periodically, the bank pays part of the loan interest back into your account.
Putting your money in an interest-baring account is a safe investment to grow your money over time.
Calculate the simple interest on your savings and watch your money grow before your very eyes.
Simple Interest Calculator
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