Einstein is reputed to have said that humanity’s greatest invention was compounding interest. Whether he really said that or not, it is a pretty amazing means to make your investment in savings grow. Compound interest is the amount of interest (this can be fixed or variable) that is paid on the money in your account (the principal) at regular intervals. You may have your money in a savings account, an interest-earning checking account, or another financial instrument. Knowing what you can earn, depending on the terms, can help you to decide whether your money is doing the most for you.
Use the sliders or enter the amount you have to save, the interest rate, and how long you want to leave your money in the account. The calculator will show you the estimated yield of the compounding over time. Roll your cursor over the graph to see the estimated amounts, based on typical payout periods.
When interest is paid more often, you could see your balance grow more quickly. The calculation of interest, be it daily, monthly, quarterly or annually, can affect how fast, and how much, your savings can grow.
Apply for a savings or other interest-earning account online or at one of our convenient branches or online today. If you have questions about which financial instruments might be best for you, let us know.