Interest earned on both the money you originally deposited and the interest your money has already earned. This can help your savings grow faster over time.

The percentage a financial institution pays you for keeping money in an interest-earning account. Interest rates may change depending on the account and financial institution.

An interest rate that can increase or decrease over time. Many savings accounts have variable rates, meaning the rate you receive today is not guaranteed to stay the same.

A temporary interest rate offered for a specific period or under certain conditions. Once the promotional period ends, the account may earn a different rate.

APY shows how much you could earn on your money over one year, taking compounding into account. APY makes it easier to compare the earning potential of different savings accounts.

A bank with physical branch locations that customers can visit in person.

Think about building a house: bricks and mortar create the physical building. A brick-and-mortar bank has actual buildings you can walk into, unlike a bank that operates primarily online.

A member-owned, not-for-profit financial institution that can provide services such as checking accounts, savings accounts, and loans. You generally must meet the credit union's membership requirements to join.

A bank that provides most or all of its services digitally rather than through traditional physical branches. Online banks may sometimes offer higher savings rates because their operating structures differ from traditional banks.

The minimum amount of money required to open an account. Some accounts have no minimum opening deposit.

The amount of money you may be required to keep in an account to meet certain account requirements or avoid certain fees. Not every savings account has one.

A rule that may limit the number, type, or amount of certain withdrawals or transfers you can make from an account. Requirements vary by financial institution and account.

Deposit insurance provided by the Federal Deposit Insurance Corporation (FDIC) for eligible deposits at FDIC-insured banks. The standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category.