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Plant Your Money In the Bank – Interest Will Make it Grow!

A bank isn’t just a stuffy, quiet place where mom and dad go. It’s actually exciting behind the scenes. Money is actually growing inside the bank.  It sounds crazy but it’s true.

If you have a Free and Easy Kids Club savings account, your money is growing right now -- it’s called interest.

What’s interest anyway?
“Interest” sounds like a grown-up word, doesn’t it? All it means is the bank agrees to pay you money for keeping your savings there. It’s automatically added to your account every so often. Watch for your savings account statement – you’ll see how much the bank is putting in as interest!

Interested in the difference between simple and compound interest?
There are two kinds of interest paid by banks. And the difference can be huge! Simple interest means the bank pays you on the money you put in your account. Compound interest pays you more because the bank pays you interest on your money PLUS all the interest you’ve earned too.  Your savings grows much faster with compound interest. You can save much quicker for a new bike, MP3 player or even college with compound interest.

Allowance from your bank?
Earning interest is like being paid an allowance by the bank! Check it out next time you come to Guaranty Bank!.