A Matter of Interest

When people, businesses, and financial institutions like Wescom lend money to other people and businesses, the borrower nearly always ends up paying back more than they received. The difference is called interest.

Interest is charged for several reasons. For one thing, a small percentage of borrowers won't pay back the full amount owed, and interest helps cover that expense. For another, the lender doesn't get to use the money they lend to make investments. So interest helps cover what they might have otherwise earned if they didn't lend it out.

For you and for your friends and family, this works both ways. When, in a few years, you might borrow money for a college loan, or when your parents get a loan for a car or a mortgage on a house, whoever lends the money charges interest. But when you save money—like in your Fortune Finders Account—Wescom will pay you interest (called dividends on your statement).

Even better: Because savings programs use compound interest, you not only get interest on what you put in, you also get it on the interest you've already earned. And though the added money may not seem like much at first, it really adds up.

So when you have a little extra cash on hand, why not add it to your Fortune Finders Account? Because you might turn around one day and discover you've got a lot more than you thought you did. And by establishing good savings habits when you're young, you put yourself on a course to follow them for your whole life.