How Does Savings Account Interest Work?

At its simplest, interest is the cost of borrowing money. Generally, you’ll pay interest to borrow money, and you can collect interest when you lend money. When you deposit money in a savings account, you are in essence lending a bank money and will earn interest on that money.

Explore our video overview on how interest works on savings accounts. To learn more about how interest works and how it can help you achieve your financial goals, visit: https://www.discover.com/online-banking/banking-topics/how-interest-works-on-savings-accounts/.

(Visited 45 times, 1 visits today)

You might be interested in

LEAVE YOUR COMMENT

Your email address will not be published.

eos
EOS (EOS) 1,40 1,62%
aave
Aave (AAVE) 90,21 9,09%
the-graph
The Graph (GRT) 0,110500 9,38%
kusama
Kusama (KSM) 49,66 7,98%
waves
Waves (WAVES) 5,15 7,39%
dash
Dash (DASH) 49,04 6,81%
bitcoin
Bitcoin (BTC) 22.551,16 2,21%
ethereum
Ethereum (ETH) 1.796,62 1,08%
cardano
Cardano (ADA) 0,496594 6,71%
tether
Tether (USDT) 0,982450 0,06%
xrp
XRP (XRP) 0,360631 3,89%
solana
Solana (SOL) 37,91 5,33%
polkadot
Polkadot (DOT) 7,78 5,78%
usd-coin
USD Coin (USDC) 0,982450 0,03%
dogecoin
Dogecoin (DOGE) 0,073187 8,31%
uniswap
Uniswap (UNI) 7,19 9,08%
litecoin
Litecoin (LTC) 57,87 3,19%
chainlink
Chainlink (LINK) 7,46 6,38%
bitcoin-cash
Bitcoin Cash (BCH) 124,47 5,55%
algorand
Algorand (ALGO) 0,321009 4,87%
matic-network
Polygon (MATIC) 0,827463 5,60%
stellar
Stellar (XLM) 0,112711 5,71%
cosmos
Cosmos Hub (ATOM) 10,86 7,18%
filecoin
Filecoin (FIL) 7,22 10,79%
tron
TRON (TRX) 0,065642 2,41%
ethereum-classic
Ethereum Classic (ETC) 38,23 4,41%
dai
Dai (DAI) 0,982450 0,02%
tezos
Tezos (XTZ) 1,71 8,15%
monero
Monero (XMR) 156,59 6,52%