What is an interest-bearing account?

An interest-bearing account is a bank account that gives you interest for the money you have deposited. You basically get paid to keep your money in one place. Why you might ask? That’s because when you deposit money into a savings account, the bank uses that money to either make investments or offer loans to other clients.

Should you put money in a non-interest bearing account?

Instead of leaving large amounts of money in non-interest bearing accounts or stuffing it under your mattress, let your cash multiply by putting it into an account that pays you interest! What is an interest-bearing account? An interest-bearing account is a bank account that gives you interest for the money you have deposited.

What type of deposit account earns interest?

A regular savings account is the most common form of deposit account that earns interest. It's an account where you store money you don't need for monthly expenses and everyday transactions like your emergency fund. You can easily open a new account with traditional banks, online banks, and credit unions.