Interest might be more interesting than you think.

Most people don’t think about the rates on their various bank accounts and loans.

Interest is the cost to borrow money. When you borrow money to buy a car or a house, you have a loan with an interest rate. You are paying interest to the bank to borrow its money.

When you deposit money in a bank account that receives interest, the bank is borrowing your money, and it pays interest to you.

Now, why does this matter? Because every penny adds up over time. When you borrow money, you want to borrow it at a low rate. When you are lending your money to a bank, you want to lend it at a high rate.

Not all bank accounts pay interest. If you keep your money in a non-interest bearing account, you are lending your money to the bank for free. They are using your money to make more money, and they aren’t paying you anything for it.

Let’s see what happens if you keep $1000 in an account for a year.

If the bank pays 0%, you receive $0 per year.

If the bank pays 0.1%, it pays you $1 per year.

If the bank pays 1%, it pays you $10 per year.

The more money in your account, the more interest the bank pays you.

If you opened a bank account without looking at the features and interest rate it offers, it could be time to consider your options. Instead of just banking at the same place you’ve always used because your family has always banked there, take a look at some other options.

Where should you start looking? Fortunately NerdWallet regularly reviews banks and keeps up to date articles that educate consumers on the offerings at various financial institutions. Here are links to a couple articles to help you start your search for a new bank. A better bank.

Nerd Wallet Best Banks and Credit Unions April 2019

NerdWallet Best Money Market Accounts April 2019

And here is a bonus tip. If you need help saving money and keeping it out of reach, some of these accounts offer a savings account without a linked checking account. Which makes it just a little harder to get your money back and makes you think before you withdraw it.