WhInterest is among the most rewarding aspects of saving money. Even if you’re earning a 0.5% return on your investment the 0.5% can add to. Every penny of that interest is also earning interest. This is also called compound interest. Interest earned on your interest is paid as you move. As interest rates rise you can gain a...
When you first started saving money, you probably just transferred it to a savings account associated with your checking account. But as that number grows, it’s time to start considering a more robust savings strategy. Traditional savings accounts offer the least amount of interest possible. Keeping your money in this type of account has...
If you have a large amount of cash in a traditional savings account, you may want to consider other ways to save money. One option is to open a money market account, which typically offers higher interest rates and more flexibility than a traditional savings account. There are pros and cons to money market...
Instead of keeping all of your money in an easy-to-withdraw checking account, the smart thing to do is to spread the extra money around in a savings account. There are some restrictions, but you have the opportunity to earn interest on the money within the account. That’s why it’s better to keep your cash...
It might seem like an unimportant question to some similar to asking what is the term “bank. But a checking account could be a different thing to different people. The details can differ significantly between banks. Continue reading to learn the specifics about how everything works, so that you can get the most out of...
