Finding bank with daily or monthly interest?

Question

I am looking for a bank that compounds interest either daily or monthly. Does anybody know of one?

Answer 1

When interest compounds is not what you should be looking for. What you should be comparing is the yield (which is different than the rate). It takes compounding out of the equation. Yield compares what you will earn annually regardless of how often interest compounds. And all savings and CD products at banks are required to be in Annual Percentage Yield (APY) by regulation. The higher the yield, the more you will earn. Its a great way that banks have been forced to tell you exactly what you are getting regardless of compounding. I'm a personal banker. Feel free to contact me if you would like me to clarify or expound. Have a good one.

Answer 2

I can't think of a bank that DOESN'T compound either daily or monthly.

Answer 3

Most credit unions usually accrue interest on accounts on a monthly basis. Mine does at least.

Answer 4

All banks that hold CDs do the same, daily compounded interest, the rate is just so low its barely better than nothing.

What you're asking is, is there a bank that'll give you a few percent per day or per month, the answer is NO. At least not insured or guaranteed, only risky investments can give you % increase in shorter than a year worth of time.

You cannot sit back and expect your money to grow more than 5% a year these days, you need to do some homework.