How to Calculate Interest in a Savings Account
When you earn interest in a savings account, the bank is literally paying you money to keep your cash deposited there. Savings accounts earn compound interest, which means the interest…
Margarette Burnette
Margarette Burnette is a savings account expert for NerdWallet. She has written about interest rates and savings products since before the Great Recession and recent recovery. Her work has been featured by The Associated Press, USA Today and a number of newspapers across the country. She has a bachelor's degree in business administration from UNC-Chapel Hill. Along with avoiding bank fees, Margarette enjoys jogging, tennis and automatic savings deposits. Email: [email protected].
Posts by Margarette Burnette:
Savings Tips for Newbies, Experts and Everyone in Between
When it comes to saving money, this year may look a little different from years past. The savings rate is lower than its peak of about 34% in April 2020,…
What Is a Neobank?
What is a neobank? A neobank is a tech company that provides banking services via mobile app or website. Banking options may include the ability to transfer money electronically, pay…
What to Do When You Can’t Open a Bank Account
Signing up for a bank account is usually easy. But just as an application for a credit card might not be approved, a bank or credit union could deny an…
Debit Card Fraud? Act Fast to Protect Your Money
Maybe you see an unfamiliar charge on your bank statement. Or you notice your debit card isn’t in its normal place in your wallet. If you suspect bank account fraud,…
Buzzy Banking Apps for Kids and Teens
Moms and dads who want to teach their kids about money have some trendy tools at their disposal: kid-focused mobile banking apps, many of which come with personalized debit cards.…
10 Best Credit Unions of 2021
The best credit unions offer the same accounts and services as banks but often with much better terms. NerdWallet researched some of the country’s top institutions — both national and…
What Is Interest?
Interest is the money you receive for loaning out funds, and it’s also the money you pay when you borrow funds. In a nutshell, it’s the amount charged for the…
Best High-Interest Accounts of August 2021
The best high-interest deposit accounts offer some of the highest interest rates you can find.
Savings Rates Are Staying Low. Here’s Why, and What to Do
If your bank has lowered rates on your savings account, don’t take it personally. It’s not you, it’s them. Interest rates have dropped across the board, and they’re likely to…
