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I have recently opened an account with ING Direct as another way to save money and earn a high interest rate. I am not sure how to calculate the interest rate? The rate is 4.0% p a. How do I calculate this rate each month and apply it to my savings. I am curious to know what my return will be and if this is beneficial to me. Asked by : Jessica Crane
It all depends how the interest is paid if its paid Monthly it works out to be the number of days in the Month for example Our Progress saver pays interest of 5.25% P/A
On this account say the customer has a balance of $1000.00 for the full month of Feb which has 28 days they will be paid (365 times 5.25% times $1000.00 Divided by 28 =$68.43 0r 365X5.25X1000/28).
WIC adds: You can also find a calculator on this link to calculate compound interest. https://www.moneysmart.gov.au/tools-and-resources/calculators-and-tools/compound-interest-calculator
Subject: Banking, Compound Interest, Calculating interest Answered by : Shamee Mohammed (ANZ)
Subject: Banking, Compound Interest, Calculating interest Answered by : Shamee Mohammed (ANZ)