The percentage of your account balance that the bank gives you as earnings is known as the interest rate. It serves as the basis for figuring out the interest on your savings account. Banks typically provide various interest rates for various kinds of savings accounts. Basic savings accounts could have lower rates, whereas higher-yield accounts might offer more competitive rates. The interest rate should be considered while comparing different savings accounts. More money will be earned on your savings if the interest rate is higher. To make an informed choice, it's vital to take into account additional considerations.