How to figure Interest earned on savings account???

Question

Say I have a savings account with $200 in it. The APY is .30% and the rate is .30%. Interest is compounded monthly. How do I figure out how much interest I would earn monthly with just having the $200 in the account. Thanks

Answer 1

Pull out a calculator:

Enter $200 + 0.30% = 0.6 ($.60). Divide this by 12 months of the year, you earn five cents a month. Then, add the five cents worth of interest to the $200 and do this again to find next month's interest.

Perhaps you may want to consider an online savings accounts, which yield ~3.00%, not 0.30%.