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PFitz | How is monthly interest computed? |
I have a Online Savings account that I usually put money into on the last day of the month. The monthly interest rate in 4.65%. It really seems like I haven't gotten the interest I deserve.
What is the formula and does it matter when you deposit money into the account?
Additional Details
Also, sometimes, the interest is put into my account in the middle of the month, sometimes at the end. |
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cpiefly
|
I have an example that might help. I have a savings account with a 4.65% Annual Percentage Rate. The regular rate is 4.5%. The regular rate with one year of compound interest would equal the larger % of 4.65.
Banks figure savings interest on a daily balance. The daily balance would be 4.5% divided by 365. The daily rate is multiplied by the amount in the saving's account. This daily amount is added up for each day of the monthly interest period.
Banks usually post the interst earned every month. Some banks post them on the 1st, 15th, or last day of the month. If the interest posting day falls on a non banking day such as a weekend or holiday, some bank will post the interest on the next business day. It all depends on the bank. So month to month your interest can fluxuate, even if you have the same amount of money in the account, via the number of days in the interest period and when the interest earned is posted. One month may have earned interest for 28 days and another month 33 days for example. |
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Shayna
 |
4.65% per month is very high for a savings account. Are you certain that's not per year?
Yes, it does matter what day you deposit. If you deposit on the last day of the month, you're only getting one day of inerest for that particular month. Whereas if you deposit on the first day of the month, you're getting a full month of interest, and in the next month, all that interest you've earned the month before is also building interest. It's called compound interest.
If the 4.65% is per year, the calculation is as follows:
$ x interest rate / 365 x number of days in the month
If you deposit $25 today, you would get $0.09 interest at the end of January.
$25 x 0.0465 / 365 x 31 = 0.09
Your opening balance (assuming you had no fees) on February 1st would be $25.09.
At least that's how mine works. |
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mcmoehring@sbcglobal.net
|
Deposit X Interest rate Divide by 12 |
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jawa
|
I=PRT (amount you borrowed x the rate of interest x amount of time of the loan)
e.g. i borrow $10,000 at a rate of 10% interest for 10 years...
10000
x .10
000.00
1000.0
1000.00 = total amount of interest to be paid over 10 years
$1000/10 = $100 interest a year
$11000 = total amount to be paid on loan
$1100010 = ($1100) total yearly payment
$10012 = interest paid monthly
$110012 = monthly payment
now...no one in real life would take out a loan like that i just wanted nice, neat units of 10 to make an example with
by the way... most savings accounts are averaged quarterly or bi-annually based on the average balance of the account... |
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Ron M
 |
Google the word "amortize". |
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ash.shop
|
anual interest divided by 12 = monthly inetrest. |
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TK
|
It does matter when you deposit money into your account. The funds cannot accrue interest until they have been deposited.
Are you sure that 4.65% isn't the rate at which interest was computed for the month? In other words over a 12 month period the average monthly rate might have been 5.00% That would mean that for every $1,000 you would have earned $50.00 for the year, which translates into a little more than $4.00 per month per $1000.00 of funds invested for the entire month.
I hope this helps you figure out what's happening with your account. Good luck. |
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edysalt
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they take the average daily balance and multiply it by 1/12th of your annual interest rate. |
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