Simple Interest vs. Compound Interest: Start Earning What You've Been Paying

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  💰 Simple Interest vs. Compound Interest: Start Earning What You've Been Paying Most people don’t realize it, but they’ve been on the wrong side of interest for years. Whether it’s credit cards , auto loans , or mortgages , compound interest has been working against them. But what if you could flip the script and make compound interest work for you? 📊 What Is Simple Interest? Simple interest is calculated only on the original amount (the principal). It’s straightforward and predictable. 📌 Formula: Simple Interest = Principal × Rate × Time Example: If you deposit $1,000 at 5% annual simple interest for 3 years, you’ll earn $150. That’s it — no compounding. 📈 What Is Compound Interest? Compound interest , on the other hand, is interest calculated not just on your principal, but also on the interest you've already earned. It’s interest on interest — and that’s where the magic happens. 📌 Formula: Compound Interest = Principal × (1 + Rate)^Time - Pr...
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Need To Save and Gain Interest?

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 Need To Save and Gain Interest? Here is a List of 5 Banks I Put Together for You that Help With That.

 

Banks typically do not offer 4% interest per month on savings accounts, as this would equate to an annual interest rate of over 48%, which is highly unusual. However, some banks do offer annual percentage yields (APYs) above 4% on high-yield savings accounts. Below are five financial institutions that, as of now, offer competitive APYs close to or above 4% on savings accounts:


1.    UFB Direct: Offers a high-yield savings account with an APY of around 5.25%.

2.    Primis Bank: Provides an APY of around 5.03% for savings accounts.

3.    Western Alliance Bank (via savings platforms): Offers competitive rates through various savings platforms, with rates around 5.25%.

4.    Vio Bank: Offers a high-yield savings account with an APY of about 4.85%.

5.    LendingClub Bank: Offers a high-yield savings account with an APY of around 4.75%.

These rates are subject to change, and they represent annual interest, not monthly. High-yield accounts may have conditions, such as minimum balances or specific terms, so it's always a good idea to check the bank's terms directly.

 

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