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How does interest on a saving account work

Spir4 · 2022-12-14 18:05:11

Hello, I was wondering how exactly interest gets calculated for a saving account. For example my saving account lets you add and withdraw as much as you want. It's got a 2.72% interest rate, and every 13th of the month interest gets paid out. My guess is that it looks at your account every end of the day, calculates 2.72%…

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Spir4 Posts: 88 Forumite

14 December 2022 at 10:28PM

AmityNeon said:

If your interest date (as per your statement) is the 13th of each month, the monthly cycle may actually be the 12th-11th.

My eSaver account was opened and funded on 12th October, but my past two interest dates have been 13th November and 13th December, and my interest amounts match the 12th-11th exactly.

Oh okay good to know thanks!

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How does interest on a saving account work

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