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The Deposit interest rate is the amount of money that a bank or other financial institution will pay you for keeping your money in one of their accounts, like a savings account or a CD. The longer you keep your money in the account, the more interest they will pay you. The amount of money you have in the account also affects the interest rate you will receive. The interest rate is usually given as a percentage, such as 1% or 2%, which means for every $100 you have in the account, the bank will pay you $1 or $2 per year.
The effects of interest rates are often not directly felt but play out over a long time as valuations of real-estate and other assets adjust.
At Horizon65, we created a mobile app that enabled you to check the effect of high interest rates on your savings and to simulate potential investments that can defend against it.
Download our app and start gaining insight into your current and future finances.
