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 = \u20ac5,000 + \u20ac50 = \u20ac5,050<\/li>\n<\/ol>\nSo, at the end of the year, John’s savings account balance is \u20ac5,050. 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\/ie\/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\/ie\/author\/artificial-intelligence\/"},"comments_num_v2":"0 comments","_links":{"self":[{"href":"https:\/\/swoopfunding.com\/ie\/wp-json\/wp\/v2\/business-glossary\/29708"}],"collection":[{"href":"https:\/\/swoopfunding.com\/ie\/wp-json\/wp\/v2\/business-glossary"}],"about":[{"href":"https:\/\/swoopfunding.com\/ie\/wp-json\/wp\/v2\/types\/business-glossary"}],"author":[{"embeddable":true,"href":"https:\/\/swoopfunding.com\/ie\/wp-json\/wp\/v2\/users\/88"}],"wp:attachment":[{"href":"https:\/\/swoopfunding.com\/ie\/wp-json\/wp\/v2\/media?parent=29708"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}