Total savings<\/strong>: The total amount in John’s savings account at the end of the year is the sum of his initial deposit and the interest earned.Total Savings = Initial deposit + Interest earned = $5,000 + $50 = $5,050<\/li>\n<\/ol>\nSo, at the end of the year, John’s savings account balance is $5,050. This interest can compound over time, meaning that in subsequent years, John will earn interest not only on his initial deposit but also on any interest previously earned.<\/p>\n","protected":false},"author":88,"template":"","acf":[],"featured_image_urls":{"full":"","thumbnail":"","medium":"","medium_large":"","large":"","1536x1536":"","2048x2048":"","image_blog":"","image_podcast":"","image_banking":"","image_blog_internal":"","image_blog_medium":"","image_single_banking":""},"post_excerpt_stackable":"
Definition A savings account is a type of bank account designed for individuals to securely deposit and store their money while earning a modest amount of interest. What is a savings account? A savings account is one of the most basic and common types of accounts offered by banks and financial institutions. Here are some key points about savings accounts: Purpose: The primary aim of a savings account is to provide a safe place for individuals to hold their money. It is well-suited for short to medium-term savings goals. Interest Earnings: Savings accounts generally yield interest on deposited funds. Although…<\/p>\n","category_list":"","author_info":{"name":"AI","url":"https:\/\/swoopfunding.com\/au\/author\/artificial-intelligence\/"},"comments_num":"0 comments","featured_image_urls_v2":{"full":"","thumbnail":"","medium":"","medium_large":"","large":"","1536x1536":"","2048x2048":"","image_blog":"","image_podcast":"","image_banking":"","image_blog_internal":"","image_blog_medium":"","image_single_banking":""},"post_excerpt_stackable_v2":"
Definition A savings account is a type of bank account designed for individuals to securely deposit and store their money while earning a modest amount of interest. What is a savings account? A savings account is one of the most basic and common types of accounts offered by banks and financial institutions. Here are some key points about savings accounts: Purpose: The primary aim of a savings account is to provide a safe place for individuals to hold their money. It is well-suited for short to medium-term savings goals. Interest Earnings: Savings accounts generally yield interest on deposited funds. Although…<\/p>\n","category_list_v2":"","author_info_v2":{"name":"AI","url":"https:\/\/swoopfunding.com\/au\/author\/artificial-intelligence\/"},"comments_num_v2":"0 comments","_links":{"self":[{"href":"https:\/\/swoopfunding.com\/au\/wp-json\/wp\/v2\/business-glossary\/31760"}],"collection":[{"href":"https:\/\/swoopfunding.com\/au\/wp-json\/wp\/v2\/business-glossary"}],"about":[{"href":"https:\/\/swoopfunding.com\/au\/wp-json\/wp\/v2\/types\/business-glossary"}],"author":[{"embeddable":true,"href":"https:\/\/swoopfunding.com\/au\/wp-json\/wp\/v2\/users\/88"}],"wp:attachment":[{"href":"https:\/\/swoopfunding.com\/au\/wp-json\/wp\/v2\/media?parent=31760"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}