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How often do banks compound interest?

alan4cult · 2009-07-27 00:52:19

This may be more suited to the Maths forum but I might get my answer here. Do banks compound interest daily/yearly/continuously? I know that some banks pay interest at fixed times (e.g. each month) but is that interest calculated from compounding on that day alone or compounding each day of that month?

27-07-2009 12:52am

#1

alan4cult

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This may be more suited to the Maths forum but I might get my answer here.

Do banks compound interest daily/yearly/continuously? I know that some banks pay interest at fixed times (e.g. each month) but is that interest calculated from compounding on that day alone or compounding each day of that month?

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Comments

#2 27-07-2009 7:35am

homer911

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You would need to refer to your T's & C's - it can vary by product

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#3 27-07-2009 8:42am

100gSoma

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yeah its listed in the T&C of the specific product.
The two deposit accounts I have calculate interest daily but only pay it monthly and annually respectively.

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