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

Simple interest works in your favor when you borrow money, while compound interest is better for you as an investor.

People are always asking why financial literacy isn’t taught in schools. The usual excuse is that the syllabus is too crowded – yet demand is overwhelming. A survey by Ecstra Foundation found 98 per ...