How is the interest rate paid, yearly or quarterly?

asked by Levi V. on 6/10/23

3 Answers
Thumbnail of user hendrikp6

I guess your question is regarding the Easy Savings account. In that case the interest rate is paid neither yearly, nor quarterly… it's paid weekly, and it's amazing However, have in mind that you are allowed to make a withdrawal only twice a month, so plan accordingly.
If you already have a plan, know that savings account is available with every plan, and the conditions regarding the interest rate are same.

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Thumbnail of user franckd12

The interest rate is paid monthly, meaning it is calculated and credited to your account once every month. By paying the interest monthly, you have the advantage of compounding over a more extended period of time, allowing your money to grow more effectively. This payment frequency provides stability and predictability in terms of when you will receive returns on your investment while also simplifying any calculations or tracking required.

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Thumbnail of user denisd124

You forgot the only option and it's the correct answer - monthly. Basically, as far as I know, many banks works according to this principle. Each day, the system automatically apply interest rate to your account according to the sum saved on it by the end of the day.
1st of the month is the day of enrichment!

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