4 key investment strategies for beginners | CNN Underscored Money
4 key investment strategies for beginners · 1. Active and passive investing · 2. Buy and hold · 3. Dollar-cost averaging · 4. Invest in index funds.
compound interest
By choosing great stocks and funds and allowing them to grow over time, you’re leveraging the power of <anchor>compound interest</anchor>. That allows your investment returns to accumulate. The longer you hold on to stocks and funds that are increasing in value and returning cash to shareholders in the form of dividends or capital gains distributions, the higher your portfolio balance will be.
What is compound interest? | CNN Underscored Money
What is compound interest? \| CNN Underscored Money

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# What is compound interest and how is it calculated?

By

Vance Cariaga


[Adam McFadden,](https://www.cnn.com/cnn-underscored/about/adam-mcfadden)

CNN Underscored Money


Published 6:19 PM EDT, Tue January 23, 2024

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If you’ve ever opened a savings account or borrowed money, you’re probably familiar with the term “compound interest.” What you might not know is what it means and how it works.

At its most basic level, compound interest accumulates on your principal balance and your accrued interest. Compounding can help if you’re saving but hurt if you’re trying to get out of debt.

Here are more insights on how compound interest can affect your savings.

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## How does compound interest work?

In saving, compound interest lets you take advantage of previous gains to grow your money faster than if you only earned interest on the principal. Compounding can create a snowball effect as the interest on your initial investment and your accumulated interest increase together.

The best way to take advantage of compound interest is to give your balance a long time to grow undisturbed.

You can also use the Rule of 72 to see how long you need for your investment to double. Just divide 72 by your expected rate. If your account earns close to 6%, for example, you can expect to double your investment about every 12 years.

## What is the difference between simple and compound interest?

There are two basic types of interest: compound interest and simple interest.

Simple interest is calculated once a year based only on the principal balance. For example, a savings account with a $1,000 balance and 5% simple interest would earn $50 in interest after a year.

Compound interest is much more complicated because it applies to both the principal balance and the accumulated interest. In addition, while simple interest applies once a year, compound interest might be calculated daily, monthly, quarterly, semiannually or annually. Because of these differences, compound interest can give you much higher returns than simple interest on savings and investment accounts.

For savings accounts that maximize the benefits of compound interest, explore our [comparison of top high-yield savings accounts](https://www.cnn.com/cnn-underscored/money/high-yield-savings-accounts).

Another way of looking at it is that compound interest “considers added value, while simple interest remains constant, calculated from the initial value,” said Hazel Secco, founder and president of New Jersey-based Align Financial Solutions.

## How compound interest is calculated

You’ll find various formulas for calculating compound interest, but the easiest way to do it is to use an [online calculator](https://www.investor.gov/financial-tools-calculators/calculators/compound-interest-calculator).

Here’s one example of a formula from the credit bureau Experian that can give you more insight into compounding:

A = P (1+R/N)NT

In this formula, the components break down as follows:

- A: Ending balance
- P: Initial principal
- R: Annual interest rate, written as a decimal
- N: Number of times each year that the interest compounds
- T: Length of time you’ll have the investment

Suppose you invest $4,000 in a [CD](https://www.cnn.com/cnn-underscored/money/best-cd-rates) that pays 2% interest, compounded every six months for four years. After plugging numerals into the formula and doing the math, you’d end up with $331.43 in total interest after four years.

## The benefits of compound interest for savings

The main benefit of compound interest for savings is that it helps you grow your balance a lot quicker than with simple interest, according to Sean Shahkarami, certified public accountant and CEO at Opilio, a Texas-based data management company.

“Compound interest exponentially multiplies savings and investment portfolios over a long enough period as it grows your principal balance with past interest and new interest is calculated on a rising principal balance,” Shahkarami said.

You can increase your savings without saving more. But saving regularly will help you grow your balance substantially.

## The role of compound interest in retirement plans

Compound interest can give you a big financial boost no matter what type of savings or investment account you have, but it’s especially effective for retirement plans. That’s because interest has time to build over many decades.

This is one reason you should start saving for retirement as soon as possible. If you start early, you don’t have to set aside as much money as you would starting later. The more time you allow for compounding, the more money you may end up with.

Prudential offered the following example of the role compound interest can play in retirement plans:

Emily saves $440 a month starting at age 25. Her nest egg will top $1 million by the time she’s 67, assuming a 6% average annual return on her investments.

Her friend Elliot waits until age 30 to begin saving. He’ll need to put aside $613 a month, assuming a 7% annual rate of return, to have the same portfolio at age 67.

Because Emily started earlier, she will have paid $50,412 less for her $1 million nest egg, thanks to the power of compounding.

## Frequently asked questions (FAQs)

What is a compound interest account?

A compound interest account pays interest on your principal balance and on your accrued interest.

What is the compound interest formula?

You’ll find varying formulas for calculating compound interest. The easiest way to determine compound interest is to use an online calculator.

How often is compound interest calculated?

It depends on the specific investment. Compound interest may be calculated daily, monthly, quarterly or annually.

Can compound interest be negative?

You can certainly have a negative return on investments if their value decreases below the original investment amount. But on its own, compound interest can’t be negative.

Is compound interest better than simple interest?

It depends. On savings accounts, compound interest is better because it increases your return at a faster rate than simple interest. But on a loan, simple interest is better because it doesn’t cost you as much in total interest payments.

Editorial Disclaimer: Opinions expressed here are the author's alone, not those of any bank, credit card issuer, airlines, hotel chain, or other commercial entity and have not been reviewed, approved or otherwise endorsed by any of such entities.


This content is for educational purposes only and is not intended and should not be understood to constitute financial, investment, insurance or legal advice. All individuals are encouraged to seek advice from a qualified financial professional before making any financial, insurance or investment decisions.


Note: While the offers mentioned above are accurate at the time of publication, they're subject to change at any time and may have changed or may no longer be available.


What is in this guide?

- How does compound interest work?

- What is the difference between simple and compound interest?

- How compound interest is calculated

- The benefits of compound interest for savings

- The role of compound interest in retirement plans

- Frequently asked questions (FAQs)


* * *

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Debt snowball vs. debt avalanche: Which method is best to tackle your debt?](https://www.cnn.com/cnn-underscored/money/debt-snowball-vs-avalanche "Debt snowball vs. debt avalanche: Which method is best to tackle your debt?")

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