Important Financial Concepts and Terms

  • What is interest?

    Interest is an incredibly powerful concept, and can work to your benefit or detriment. If you have money and are saving money, a bank may pay you interest on your money in exchange for letting the bank hold on to it for you. On the other hand, if you need to borrow money, or use a credit card, a bank will charge you interest to do so.

What does compound interest mean?>