Quote:
Originally Posted by lewdog
There isn't something called a compound interest account.
Compound interest just means interest on interest gained due to the variable of time. It's why those who invest a little bit of money early in life, can have very large sums later while placing less cash in accounts, than someone who starts later in life but places greater capital in account.
That can be accomplished through a variety of devices. Stocks, bonds, basic savings account, CDs. What are you looking to do?
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Yeah sorry I wasn't conveying that correctly. I'm 29 and want to find the best route of setting that up.
Are there different rates of interest I can select from any of those options? 5% interest in the account? 6? 8?
That's what I'm wanting to find