It means that they are getting less money for deferring expenditure and saving instead. However, it is not the low nominal interest rates which matter but what the "real" interest rates are. This is the difference between the nominal interest rate and the rate of inflation. An interest rate of 2% when inflation is 0% is good news for savers but an inflation rate even as high as 10% is bad news if inflation is higher than 10%.
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It is normally higher than the US prime interest rate.
Annual Interest Rate divided by 12= Monthly Interest Rate
The answer for rate in simple interest is =rate= simple interest\principle*time
Corresponding compounding is the interest rate on loan or the financial product restated from nominal interest rate as an interest rate with an annual compound interest.
In macroeconomic equations that depend on the interest rate, a lower case, cursive "i" is usually used, although I've seen "r" as well. The exact notation will depend on the particular context in which you're looking to use it, though.