Bank interest on a savings account is a way to earn money on the funds you deposit. The bank will pay you interest on the balance by keeping your money in a savings account. The interest rate may vary depending on the bank and your account type. Comparing interest rates and fees when choosing a savings account is important. While the interest earned may seem small, it can increase over time and help you reach your savings goals. With some research, you can find a savings account that offers a competitive interest rate and enables you to make the most of your money.