Did you know banks pay you interest on your savings? It's like they give you a little extra money for keeping your money with them! Recently, interest rates have been changing. This means you might earn more or less money on your savings.
Banks have accounts called Money Market Accounts (MMAs). They're like special savings accounts. The interest they pay depends on something called APY (Annual Percentage Yield). A higher APY means more money for you!
- Interest rates are going down in some places.
- Some banks offer high interest rates, up to 4%!
- The more money you save, the more interest you earn.
| APY | Interest Earned on $1000 |
|---|---|
| 0.64% (average) | $6.42 |
| 4% (high-yield) | $40.81 |
