What is compound interest?

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

Do I need to pay taxes on a savings account?

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

Which is best: Fixed rates or variable rates?

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 make money on savings accounts?

Banks use the money deposited in savings accounts to make loans to other customers, earning interest on those loans.

Is my money safe in an online-only bank or neobank?

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.

Home
Personal Finance
Education
Business Solutions
Shopping

We have independently evaluated the products and services below. We may earn affiliate revenue from links in the content.

Home Page

Personal Finance

Credit Cards
Banking

Savings

Best Savings Accounts
Best High-Yield Savings Accounts
What is a High-Yield Savings Account?
Savings Calculator

CDs

Best CD Rates
Current CD rates
1-Year CD Rates

Best Money Market Accounts
Best Cash Advance Apps
Free Checking Accounts
Checking Account Bonuses
Online Banks & Credit Unions
Business Checking Accounts
Budgeting Apps

Insurance

Jewelry Insurance
Small Business Insurance Companies

Mortgages

Home Equity Loan Rates

Investing

Investments
Online Brokerages
Investment Apps
Cryptocurrency Apps & Exchanges
Roth IRAs
Robo-Advisors

Loans

Best Credit Repair Companies
Best Debt Relief Companies
Personal Loans
Buy-Now, Pay-Later Apps

Education

Business
Tech
Health & wellness

Business Solutions

VoIP
CRM
Payroll
Web Hosting

Shopping

Shopping Guides

Go to Fortune.com

BANKING

PERSONAL FINANCE
BANKING
SAVINGS ACCOUNT INTEREST RATES TODAY, DECEMBER 9, 2024; GET AN APY UP TO 5%

Best savings account interest rates today, December 9, 2024; get an APY up to 5%

$\"Highest$