What is savings inteest?

Savings interest is the amount of money that a bank or financial institution pays you for keeping your money in a savings account. It's typically expressed as an annual percentage rate (APR) and is calculated based on your account balance. This interest serves as an incentive to save, allowing your funds to grow over time, while also providing the bank with capital to lend out. The rate can vary depending on the financial institution and prevailing economic conditions.