When you put money into a savings account, the bank will use your money, for example by lending it to other people. They will pay you a certain amount for allowing this. The money they pay you is ...

Learn how add-on interest increases loan costs compared to simple interest. Discover the formula, examples, and its implications for borrowers.

Learn what the stated annual interest rate is and how to calculate it without compounding, plus how it compares to the effective annual rate.

If you put money into a bank or building society they will pay you interest on this money. If you have borrowed money, from a bank or building society for a mortgage or other loan, you have to pay ...