Topic: Savings accounts
Savings accounts allow you to regularly deposit funds so you can build up a large sum of cash. High yield savings accounts can increase the amount of interest you receive. Be aware when interest rates are low it can be more beneficial to put your money into other investments. However, a benefit of savings is they take no time to maintain and the interest you earn is passive income. Over time you will accrue compound interest if you don’t spend the interest paid to you.
Calculator – annual interest on bank savings
Want to know how much bank interest you’d receive each year with a certain sum of money in your savings […]