What is an interest rate?
The Bankrate.com financial term of the day is: "interest rate."
An interest rate is often referred to as the cost of money. When you borrow to buy a home or for other needs, the money you receive by way of the loan comes with an annual charge, or interest rate, which is expressed as a percentage. When you make a deposit with a bank, it pays you an interest rate as a cost of using your money -- to make loans to other customers.
Money isn't free. It usually comes with an annual cost known as an interest rate.
To find the best interest rates, visit the Checking & Savings section at Bankrate.com.