SELECT YOUR LANGUAGE

Compound interest is when you earn interest on both the money you save, and the money you earn within that same account.  Basically, it’s interest on interest.  Compound interest is the interest that you earn on interest and is a way to build savings.  When you deposit money into your savings account, you build interest on that money deposited. It accelerates your interest earnings, helping to grow your money more quickly and help you build wealth.  When you are ready to take the money out, you can receive the money on a set schedule depending upon your needs, it can be daily, monthly, quarterly, or annually.  The higher the interest rate is on the account, the more frequent the compounding occurs. 

 

When you start saving early, it can help build wealth.  The longer you leave money in your savings account, the more interest will accrue.  Money market, mutual funds, and CD accounts can have compound interest as well.  Check with your bank to find out how to maximize your money using compound interest.

​

Watch this YouTube video to learn more about Compound Interest:

​

​

​

 

 

 

 

 

 

 

 

 

 

 

 

By Jason Torrents