By now we know we should be stashing some money away in a high-yield savings account for some guaranteed growth - especially because these days, some high-yield savings accounts offer up to 5% APY (or even more!). That's FREE money. But how can you tell how much that compounding interest is going to make you in a certain timeframe?
Anna Manukyan, certified financial educator and Senior Director of Education and Creative at Ulta Beauty, has a recommendation for you: an app called Compounder. See how it can help you determine what compounding interest will do for you in Manukyan's latest #FinanceFriday video below.
For reprint and licensing requests for this article, Click here.
Originally posted on Modern Salon
media brand