u/Famous-Notice-4183

Can someone explain interest to me please?

I was trying to open a savings account, and to my knowledge I thought that it was something that you just added however much money to whenever you felt like it (saving up for a new car). But it’s saying for a regular savings account i’d get around 5% interest. Why?? How am i earning money from nothing?? Does it charge me anything extra? I’m very new to all of this (if you couldn’t tell) so I just need to make sure i wouldn’t be losing anything/ if it’s even worth it. I’d appreciate any and all input, thank you.

EDIT: Thank you everyone for your help, and for anyone asking it’s the Natwest digital regular savings that gives 5.13-5.25% interest. But it also says lower interest rates for a balance over £5000.

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u/Famous-Notice-4183 — 11 hours ago