Time: The Magic of Compound Interest
Let’s say you start with $1,000 in the bank. Since the national average interest rate on savings accounts is currently 0.06%, you’ll have 60 cents more in the account at the end of the year. That’s simple interest. But in a year or two, you earn interest not just on the original $1,000, but also on the 60 cents in interest you’ve already earned.
60 cents per year might not sound like much, but...
March 24, 2015
This Costs the Average Person 60 Cents Per Year
Answer: Charging your cell phone
That's assuming that the price of electricity never goes up and we're trapped in ZIRP, of course.