One of the most accessible ways to earn compound interest is through a high-yield savings account.
These accounts typically offer interest rates that are higher than those of traditional savings accounts, allowing you to earn more interest over time.
To find a high-yield savings account, start by researching banks and credit unions in your area.
Look for accounts with high-interest rates, low fees, and other features that may be important to you, such as online banking or mobile apps.
Certificates of deposit (CDs) are another option for earning compound interest.
When you purchase a CD, you commit to keeping your money in an account for a specific amount of time, often a few months to several years.
In return, the bank or credit union agrees to pay you an interest rate that will remain constant during the CD’s duration.
CDs are generally considered to be low-risk investments, but they may offer lower interest rates than some other types of investments.