At its simplest, interest is the cost of borrowing money. Generally, you’ll pay interest to borrow money, and you can collect interest when you lend money. When you deposit money in a savings account, you are in essence lending a bank money and will earn interest on that money. Explore our video overview on how interest works on savings accounts. To learn more about how interest works and how it can help you achieve your financial goals, visit: https://www.discover.com/onlinebanki....

Connect with us on social:
Subscribe to Discover on YouTube:    / discover  
"Like" Discover on Facebook:   / discover  
Follow Discover on Instagram:   / discover  
Follow Discover on X:   / discover  
Follow Discover on TikTok:   / discoverofficial