"Interest rates" are the cost of borrowing money.
An interest rate is the percent of essential charged by the moneylender for the utilization of its cash. The chief is the measure of cash loaned. Thus, banks pay you a financing cost on stores. They are obtaining that cash from you.
Anybody can lend cash and charge premium, however it's typically banks. They utilize the stores from investment funds or financial records to subsidize credits. They pay interest rates to urge individuals to make deposits.