![]() Compounding frequency – how often your earned interest is added back into your account will also affect how quickly your savings grow, with the shorter the compounding period, the better.Even a small increase in the interest rate, say from 1.6% to 1.8%, can make a significant difference over a long period. The interest rate – naturally, the higher the interest rate which is offered, the more interest you’ll earn on your savings and the faster your savings will grow. ![]() ![]() The three main factors that affect how quickly your savings will grow are the interest rate, the compounding frequency and the time frame that is applied.
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