Interest Rate Calculation on Balance

Discussion in 'Money Management & Banking' started by Lam Thieu, 28th Dec, 2007.

Join Australia's most dynamic and respected property investment community
  1. Lam Thieu

    Lam Thieu Well-Known Member

    Joined:
    24th Jan, 2017
    Posts:
    205
    Location:
    Melbourne, 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.
     
    Lam Thieu, 28th Dec, 2007
    #1
  2. samaka

    samaka Well-Known Member

    Joined:
    1st Jul, 2015
    Posts:
    268
    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.
     
    samaka, 28th Dec, 2007
    #2
  3. Lam Thieu

    Lam Thieu Well-Known Member

    Joined:
    24th Jan, 2017
    Posts:
    205
    Location:
    Melbourne, Australia
    I'm with Bankwest as well, hope you're right.
     
    Lam Thieu, 28th Dec, 2007
    #3