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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?

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27-07-2009 1:52am

#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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#2 27-07-2009 8:35am
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 9:42am
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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