How is daily interest calculated?
You earn interest daily based on the total balance of your Main Account and Saving Pockets at the end of each day. Interest for each Saving Pocket is 3.48% per annum, and is 0.08% per annum for your Main Account. We multiply your balance by the interest rate per annum over 365 days. Interest will be credited to your account when you earn at least $0.01 in accumulated interest.
For example, based on an interest rate of 3.48% per annum,
- On 1 July, your balance is $4000. You will earn an accrued interest of $0.38136.
- $0.38 will be credited to your account on 2 July morning. Your balance will now be $4000.38. The remaining $0.00136 will continue to accrue the next day.