savings-interest

Vocabulary Word

Definition

'Savings-interest' is the extra money that accumulates over time in your savings account at a financial institution. It's a benefit you receive for keeping your money with them.

Examples in Different Contexts

In interest-bearing accounts, 'savings interest' refers to the amount paid by a bank or financial institution to account holders for keeping their money deposited. A banker might say, 'Our savings account offers a competitive savings interest rate, enabling your money to grow over time while it's deposited with us.'

Practice Scenarios

Technology

Scenario:

Our users appreciate real-time updates on their account balances, but we're consistently asked about adding other financial tools as well.

Response:

In that case, do you think integrating a calculator for real-time savings-interest would enhance user experience?

Business

Scenario:

The annual revenue of the company significantly exceeded the annual budget. Maybe it's time we invest some of these profits.

Response:

That sounds like a good idea. We could put a portion of the profits into a business savings account to earn some savings-interest.