Money: Know It to Grow It – Interest

interested in interest interest is a charge usually for a duration of time that we are either borrowing or lending money to others when you have an interest bearing savings account the bank borrows money from your account and lends it to people and businesses who will then pay them back along with interest the bank then pays you interest for using your money there are two types of Interest with simple interest your interest rate and the final amount you earn is based on a set percentage and paid back over a set time with compound interest you keep

earning more interest on any outstanding balance and interest compounding interest can be pretty powerful so that’s interest find more ways to know and grow your money at synchronybank.com