Why does the way your bank calculates interest affect how fast your savings grows? and Royal Bank Branch, St. Catherine Street, Montreal, QC, 1911

Why does the way your bank calculates interest affect how fast your savings grows?

Why does the way your bank calculates interest affect how fast your savings grows?


bank best answer:

Answer by knightcommanderkcvo
Hi Ch,

Practically all banks calculate both credit and debit interest daily. Credit interest is then paid monthly, with debit interest generally being charged quarterly.

Since your interest is being calculated daily, it is always better to put money in constantly, instead of one big sum, because you earn the most interest.

With the economy as it is, most people aren't even earning interest. There are far better places to go to earn some cash flow on your investments.

Hope this helps.

bank

Royal Bank Branch, St. Catherine Street, Montreal, QC, 1911


Image by Musée McCord Museum
VIEW-11541
Royal Bank Branch, St. Catherine Street, Montreal, QC, 1911
Wm. Notman & Son
1911, 20th century
Notman photographic Archives - McCord Museum

VIEW-11541
Succursale de la Banque Royale, rue Sainte-Catherine, Montréal, QC, 1911
Wm. Notman & Son
1911, 20e siècle
Archives photographiques Notman - Musée McCord

To see the image file on the McCord Museum website, click on the following link:
www.musee-mccord.qc.ca/en/collection/artifacts/VIEW-11541

Pour voir la fiche descriptive de cette photographie sur le site Web du Musée McCord, cliquer le lien suivant:
www.musee-mccord.qc.ca/fr/collection/artefacts/VIEW-11541

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