--- title: Compounding Your Savings description: Learn how investments with compound interest are some of the best you can find. image: https://blog.accesscu.ca/hubfs/Compounding%20your%20savings.jpg --- #003B49 [![AccessCU\_Horizontal\_Colour\_pws-1](https://blog.accesscu.ca/hs-fs/hubfs/AccessCU_Horizontal_Colour_pws-1.png?width=199&height=50&name=AccessCU_Horizontal_Colour_pws-1.png "AccessCU_Horizontal_Colour_pws-1")](https://www.accesscu.ca/) Open main menu Close main menu [Saving](https://blog.accesscu.ca/tag/saving) # Compounding Your Savings ![Access Credit Union](https://blog.accesscu.ca/hs-fs/hubfs/Access_LogoMark.jpg?width=45&name=Access_LogoMark.jpg) [Access Credit Union](https://blog.accesscu.ca/author/access-credit-union) [Share this blog post on Twitter](https://twitter.com/intent/tweet?text=I+found+this+interesting+blog+post&url=https://blog.accesscu.ca/compounding-your-savings) [Share this blog post on Facebook](http://www.facebook.com/share.php?u=https://blog.accesscu.ca/compounding-your-savings) [Share this blog post on LinkedIn](http://www.linkedin.com/shareArticle?mini=true&url=https://blog.accesscu.ca/compounding-your-savings) ![](https://blog.accesscu.ca/hubfs/Compounding%20your%20savings.jpg) When people tell you to save your money early and for as many years as possible, it’s largely because they want you to compound your savings, unlocking major potential. Over time, savings grow from both contributions made by you, as well as interest from the bank. Accounts with compound interest earn interest on the principle as well as the interest already accumulated. Over time, the more money you put away, the more interest you earn, and eventually, as the principle gets larger, it doesn’t just grow steadily, it starts to grow faster and faster.  Investments with compound interest are some of the best you can find. Consider the following:  •    Investing $1,000 in a 5-year investment earning 5% simple interest per year, at the end of the term of the investment, will yield $1,250 (The original $1,000 plus $50/year of interest).   •    Investing $1,000 in a 5-year investment earning 5% interest, compounding monthly, would yield $1,283 ($51 in the first year, $54 in the second, $56 for the third, $60 in the fourth and $62 in the fifth).   Regardless of how you approach it, compounding your savings is the best way to see exponential growth on your money. It takes some time, diligence, and a commitment to putting money away, but the end result is fantastic! Talk to the experts at Access Credit Union to learn more about your savings and how to grow them! [Contact us today.](https://www.accesscu.ca/en/contact) ## Related Articles [![](https://blog.accesscu.ca/hubfs/Remember%20travel%20insurance.jpg)](https://blog.accesscu.ca/remember-travel-insurance-for-your-canadian-summer-vacation) [Tips & Advice](https://blog.accesscu.ca/tag/tips-advice) ### [Remember travel insurance for your Canadian summer vacation](https://blog.accesscu.ca/remember-travel-insurance-for-your-canadian-summer-vacation) Studies have found that many Canadians who travel within Canada, but outside of their home province, don’t purchase travel insurance. Many assume their provincial... ![Access Credit Union](https://blog.accesscu.ca/hs-fs/hubfs/Access_LogoMark.jpg?width=45&name=Access_LogoMark.jpg) [Access Credit Union](https://blog.accesscu.ca/author/access-credit-union) [Read More](https://blog.accesscu.ca/remember-travel-insurance-for-your-canadian-summer-vacation) [![](https://blog.accesscu.ca/hubfs/Give%20your%20child%20a%20head%20start%20with%20an%20RESP.jpg)](https://blog.accesscu.ca/give-your-child-a-head-start-with-an-resp) [Investing](https://blog.accesscu.ca/tag/investing) [Saving](https://blog.accesscu.ca/tag/saving) [Education Savings](https://blog.accesscu.ca/tag/education-savings) ### [Give Your Child a Head Start With an RESP](https://blog.accesscu.ca/give-your-child-a-head-start-with-an-resp) A post-secondary education is one of the best ways to get ahead in life, but it comes with a cost. ![Access Credit Union](https://blog.accesscu.ca/hs-fs/hubfs/Access_LogoMark.jpg?width=45&name=Access_LogoMark.jpg) [Access Credit Union](https://blog.accesscu.ca/author/access-credit-union) [Read More](https://blog.accesscu.ca/give-your-child-a-head-start-with-an-resp) #### Connect with Access Credit Union Follow Access Credit Union on social media for financial advice and news from our member community.  [![facebookwhite\_64x64](https://blog.accesscu.ca/hs-fs/hubfs/facebookwhite_64x64.png?width=45&height=45&name=facebookwhite_64x64.png)    ](https://www.facebook.com/AccessCreditUnion) [![linkedin](https://blog.accesscu.ca/hs-fs/hubfs/linkedin-6-64.png?width=45&name=linkedin-6-64.png)       ](https://www.linkedin.com/company/access-credit-union)[![instagramwhite\_64x64](https://blog.accesscu.ca/hs-fs/hubfs/instagramwhite_64x64.png?width=45&height=45&name=instagramwhite_64x64.png)](https://www.instagram.com/accesscreditunion/)