Alright, let's tackle a fundamental question - how do we accurately calculate interest earned on our savings accounts? It feels like it's frequently a bit of a guessing game.
I think the most crucial factor is understanding the Apy (annual Percentage Yield) presented by our institution. That's the key metric!
Are there different types of accounts - term deposits vs. Normal savings - that affect interest rates?
How does inflation impact the real value of earned interest over time? It's a significant factor to consider.
Do on-line banks usually offer more aggressive interest prices than standard brick-and-mortar banks?
Are there any tools or calculators available that can help us decide our potential interest earnings based on our savings balance and term length?
What are some best practices for maximizing interest earned - beyond simply maintaining a constant balance?