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A compound interest savings account is one where you earn interest on not just the initial money you deposited, but also on the interest you earn on a daily, weekly or monthly basis.
Compound interest is contrasted with simple interest, where previously accumulated interest is not added to the principal amount of the current period. Compounded interest depends on the simple interest rate applied and the frequency at which the interest is compounded.
What is compound interest? How can it work to your advantage and how can it hurt you financially? We break down this (sometimes confusing) concept. This was originally published on The Penny ...
NerdWallet's website and app feature comparison tools for financial products such as credit cards, checking accounts, and mortgages, [18] as well as loan, net-worth, and credit-score calculators. [19] NerdWallet staff also produce articles about financial topics such as investing, retirement planning, and taxes. [5] [20]
Get today's best rates on high-yield and traditional savings accounts to quickly grow your everyday nest egg.
Bankrate.com, perhaps its best-known brand, is a personal finance website. As of November 8, 2017, it became a subsidiary of Red Ventures through an acquisition.
With interest rates this high, you might want to figure out exactly how much you can earn with a high-yield savings account. Calculating interest earned can encourage you to save even more as you ...
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