http://www.secretfinance.com/blog/what-percent-am-i-getting-each-month-in-interest-for-my-online-banking-account/ Mon, 21 May 2012 15:48:55 +0000 http://wordpress.org/?v=2.7 hourly 1 http://www.secretfinance.com/blog/what-percent-am-i-getting-each-month-in-interest-for-my-online-banking-account/comment-page-1/#comment-1926 Dubbsbrother Fri, 22 May 2009 11:57:35 +0000 http://www.secretfinance.com/blog/what-percent-am-i-getting-each-month-in-interest-for-my-online-banking-account/#comment-1926 The APY is your Annual Percentage Yeild. The 5% means that you would earn 5% on your money annually. The interest compounds. So if you put in $1,000 on January 1st you would earn $50 of interest on that $1,000 for the year. The 4.89% is your effective interest rate. Since interest compounds you earn interest on your interest. You earn that 4.89% on your interest as well. Thats how the 5% and 4.89% come into play. The APY is your Annual Percentage Yeild. The 5% means that you would earn 5% on your money annually. The interest compounds. So if you put in $1,000 on January 1st you would earn $50 of interest on that $1,000 for the year. The 4.89% is your effective interest rate. Since interest compounds you earn interest on your interest. You earn that 4.89% on your interest as well. Thats how the 5% and 4.89% come into play.

]]> http://www.secretfinance.com/blog/what-percent-am-i-getting-each-month-in-interest-for-my-online-banking-account/comment-page-1/#comment-1925 Dr. Deth Tue, 19 May 2009 03:54:06 +0000 http://www.secretfinance.com/blog/what-percent-am-i-getting-each-month-in-interest-for-my-online-banking-account/#comment-1925 Basically, yes - you are getting about 0.4% per month Basically, yes - you are getting about 0.4% per month

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