I am thinking of opening a savings acct w/ them as we have a little extra sitting around in our checking acct earing nada. I am financially challended. Could someone explain how the compounded interest works? For example, if we put $1000 to start and didn't touch it for a year, how much would we make? I think the % now are 4XXX% / Thanks

It basically mean you earn interst on your interst. Month 1 you earn interest on your $1000 Month 2 you earn interst on your $1000 + the interest earned in month 1 Month 3 You aren interest on $1000 +month 1 interest + month 2 interest Example: Month 1 $1000, interest earned month 1 $15 Month 2 $1015, interest earned month 2 $15.23 Month 3 $1030.23, interest earned month 3 $15.43

Numerically: A=P(1+(R/n)^nt) Presuming the rate didn't change: 1000*(1+.0425/12)^12 $1043.33 after one year