Help Keep Boards Alive. Support us by going ad free today. See here: https://subscriptions.boards.ie/.
If we do not hit our goal we will be forced to close the site.

Current status: https://keepboardsalive.com/

Annual subs are best for most impact. If you are still undecided on going Ad Free - you can also donate using the Paypal Donate option. All contribution helps. Thank you.

https://www.boards.ie/group/1878-subscribers-forum

Private Group for paid up members of Boards.ie. Join the club.

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 01:52AM

#1

alan4cult

Registered Users, Registered Users 2 Posts: 1,583 ✭✭✭

Join Date: December 2006

Posts: 1426

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?

0

Comments

#2 27-07-2009 08:35AM

homer911

Registered Users, Registered Users 2 Posts: 5,066 ✭✭✭

Join Date: September 2007

Posts: 4682

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

0
#3 27-07-2009 09:42AM

100gSoma

Registered Users, Registered Users 2 Posts: 1,288 ✭✭✭

Join Date: July 2004

Posts: 1115

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.

0