Lora is a freelance contributor to Newsweek’s Vault team, specializing in articles on saving, investing, borrowing and making money. Lora has a master’s degree in library science, and is based in ...

Michael Benninger is the lead editor of banking at Forbes Advisor, with more than 10 years of experience in the personal finance space. His writing has been published by the Los Angeles Times, ...

Compound interest allows money to grow exponentially by earning interest on both the initial principal and accumulated interest. A $1,000 deposit at a 4% annual rate grows to $1,040 in one year, then ...

A money market account is an account that bears interest over time. It has features of both a savings and a checking account, but generally with higher interest rates and less flexibility. Because the ...

Calculating the interest earned in your checking or savings accounts during a bank statement period can help you prepare an accurate budget. You don't necessarily need to use a special checking ...

There's a well-known saying that compound interest is the “eighth wonder of the world.” While the quote’s origins are debated, the power of compound interest is undeniable. It can transform modest ...