2% interest is $100 a year or $8 a month. However, most savings accounts are actually paying 0.2% interest, not 2.0% interest, so the yield is less than $1 a month. You need to save up more, and invest in dividend yielding stocks from companies which increase their dividend every year.
For a savings account or money market account it is a modest return on your investment. Two percent is two dollars for every hundred invested. So you are getting a 100 bucks out of that two percent. Of course it depends on how the interest is compounded.
How much is 2% interest over 5000 dollars. How much will i be getting monthly?
