Here’s how your money grows with interest, including the power of compound interest. Plus, how to choose the right account.

Maurie Backman is a personal finance writer who covers topics ranging from Social Security to credit cards to mortgages to REITs. She also has an editing background and appears on live podcasts to ...

Lora is a freelance contributor to Newsweek’s Vault team, specializing in articles on saving, investing, borrowing and making money. Lora has a master’s degree in library science, and is based in ...

APY, or Annual Percentage Yield, is an important term to understand if you want to maximize your money’s growth potential. It measures the interest earned on a financial product or account over one ...

Albert Einstein supposedly called compound interest the eighth wonder of the world, and once you understand how it works, you’ll see why. This isn’t just feel-good financial advice — it’s the ...

If you have a savings account, you might want to know how much you’ll earn in interest for parking your cash there. Fortunately, calculating interest on a savings account is not as tough as you might ...

Einstein allegedly called compound interest the eighth wonder of the world. Benjamin Franklin defined it more poetically: “Money makes money. And the money that money makes, makes money.” Here’s ...

Contrary to a common assumption, you don't need a lot of money. You need a lot of time, and you need to use it as wisely as ...

Interest can be charged when you borrow money or earned when you save. When you charge something on a credit card or take out a loan from a financial institution (student loan, auto loan, mortgage, ...

Allowing your money to grow over time is one of the best ways to build wealth. It's possible to reach $1 million by steadily investing a portion of your income. Most experts recommend saving 15% of ...