What is compound interest?

Compound interest is earned on both your principal balance and previously accrued interest, accelerating your savings growth.

Are savings account earnings taxable?

Yes, interest earned on savings accounts is considered taxable income and must be reported to the IRS.

Fixed rates or variable rates: Which is preferable?

Variable rates can offer higher initial returns but may fluctuate while fixed rates provide stability. The best choice depends on your financial goals and risk tolerance.

How do banks profit from savings accounts?

Banks use deposited funds to make loans to other customers, earning interest on those loans.

Are online-only banks and neobanks safe?

As long as the bank is FDIC-insured, your money is protected up to $250,000 per depositor, per account ownership category, regardless of whether it's an online-only bank or a traditional institution.

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SAVINGS ACCOUNT INTEREST RATES TODAY, NOVEMBER X, 2024

Savings account interest rates today, December 10, 2024

$\"Highest$