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Interest Rate Calculation on Balance

Discussion in 'Finance & Banking' started by archangelsupreme, 28th Dec, 2007.

  1. archangelsupreme

    archangelsupreme Well-Known Member

    Joined:
    7th Sep, 2007
    Posts:
    206
    Location:
    Australia
    Hello,

    Just a question.

    Is the interest on an online savings account calculated on the "Available" Balance or the "Overall" Balance each day????

    When I say "overall" I mean including transactions which have not be cleared (i.e. deposits still awaiting to be transferred from a different institution).

    Thanks.
     
  2. samaka

    samaka Well-Known Member

    Joined:
    30th Sep, 2007
    Posts:
    308
    Location:
    Sydney
    If you download the financial service guide from their bank account it should say. From memory, Bankwest (who I use) calcuate interest on the overall balance.
     
  3. archangelsupreme

    archangelsupreme Well-Known Member

    Joined:
    7th Sep, 2007
    Posts:
    206
    Location:
    Australia
    I'm with Bankwest as well, hope you're right.