Multiple economic factors influence interest rates. Three types of interest rates, including real, nominal, and effective affect consumers' borrowing and investment choices. The nominal interest rate ...

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Real interest rates are dictated by the rate of inflation. Higher inflation rates erode consumers’ purchasing power and the amount of interest earned from investments such as deposits.

The formula for calculating savings account interest uses the initial deposit, the annual interest rate and the years of growth. Compound interest earns the account holder more than simple ...

APY stands for annual percentage yield, which provides a full picture of how much interest you can earn on savings over one year. APY includes compound interest, or "interest on interest.