When you save, you put money aside so you can buy the things you want when you’ve saved enough. When you keep your money in a savings account, the bank also rewards you every month by giving you extra money, called interest.

How much interest you get depends on how much money you have in your account. For example, if the bank is paying 5% interest and you have $100 in your account for a full year, you would get an extra $5.00 in interest.