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Fortune

Alena Botros

How interest works on a savings account

Lisa Featherngill Interest Rates

Photo illustration of three stacks of coins gradually getting taller, each with a block on top showing a percentage symbol. (Credit: Photo illustration by Fortune; Original photo by Getty Images)

Your savings are your lifeline—your rainy day fund—and they’re bringing you one step closer to reaching your financial goals. So it’s important to understand how savings account interest works and how it can grow your wealth even faster.

What is interest on a savings account?

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