CNBC Select defines compound interest, how it works and ways to take advantage of it if you're looking for a new credit card ...

One of the upsides to keeping your money in a bank account is the chance to earn compound interest — you earn interest on both the funds you deposit in an account and on the interest that money earns.

Compound interest is how your money makes money -- and it can make you rich.

Our compound interest calculator is simple to use. All you need to do is fill in the following fields: Initial deposit: The amount of money you currently have saved and will use to fund your account.

Compound interest can help turbocharge your savings and investments, or it can quickly lead to an unruly balance, keeping you stuck in a cycle of debt. Its magic can help you earn more — or owe more.

With close to a decade of writing and editing experience, Maisha specializes in service journalism and has produced work in the lifestyle, financial services, real estate, and culture spaces. She uses ...