Savings accounts enable you to keep your money safe and help it grow with interest. You can open an account and start saving at any age with the help of your parents.
Generally, the longer you leave your savings untouched in a bank, the more your money will grow. You should limit how often you withdraw money from your savings account and only do so if you really need it.
Compound interest is when you earn interest on both the money you’ve saved and the interest you earn.
The average savings account interest rate is currently around 1-2 percent, but rates can vary between financial institutions and over time. If you save a little each week, your savings will grow over time with interest.