The process by which a deposit or asset can, not only earn interest, but also build continually on the new sums with additional interest. For example, if you have $500 deposited, and gain 2% interest ($10), the next cycle will see that you gain 2% interest but now on the new sum, which is $510. Your sum thereafter would be $520.20, and so on and so forth.
* See the applications of each bank account for details regarding terms and conditions of offer. Reasonable efforts are made to maintain accurate information, however all bank rate information is presented without warranty. When you click on the "Open Account" button you can review the bank account terms and conditions on the bank's web site.
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