rate of interest
nounUK /reɪt əv ˈɪntrəst/
US /reɪt əv ˈɪntrəst/
The money a bank charges you when you borrow money, or pays you when you save money.
The bank offered a low rate of interest on the loan.
OTHER MEANINGS
2. The percentage a lender earns from money lent to a borrower.
The rate of interest on the mortgage went up last month.
3. The percentage a bank pays you for keeping your money in a savings account.
Her savings account has a rate of interest of three percent.
4. The yearly cost of borrowing money, shown as a percentage.
Compare the rate of interest before you choose a credit card.
5. A charge set by a central bank that affects other loans.
When the central bank raised the rate of interest, loans became pricier.