Steven Nickolas is a writer and has 10+ years of experience working as a consultant to retail and institutional investors. David is comprehensively experienced in many facets of financial and legal ...

Reviewed by Erika Rasure Fact checked by Vikki Velasquez Multiple economic factors influence interest rates. Three types of interest rates, including real, nominal, and effective affect consumers' ...

is—it’s effectively a percentage of an amount over a year. If your savings account earns you a 0.05% interest per year (which is a really terrible interest rate, honestly), you earn $5 in interest for ...