0
votes
1answer
89 views

What does an interest rate “calculated daily and paid monthly” on my bank account exactly mean?

I have a CIBC premium growth account that offers a "0.20% interest rate on every dollar you save calculated daily and paid monthly". I'm just curious as to what the 20% Premium Growth interest rate ...
8
votes
2answers
311 views

Mongolian bank offering a high interest rate. What's the catch?

A bank called Khan Bank in Mongolia is offering to keep my savings at 15.10% interest rate, account denominated in Mongolian Tughriks. They give an example "if you saved 100.000 MNT on 2013/11/12 you ...
3
votes
1answer
108 views

Better rate for investment between CD or savings

I have been considering either renewing my CD (Certificate of Deposit) from my local Credit Union which is at 1.35% APR (1.3591 %) dividend rate (monthly compounded) for one year. I recently noticed ...
4
votes
4answers
686 views

Why don't banks calculate interest in CDs using continuous compounding?

Why don't banks calculate interest in CD using continuous compounding (which is higher than compounding quarterly)? While in the case of a mortgage they use continuous compounding.
5
votes
1answer
174 views

Bank offer for Children's savings account 7% or higher

I heard there are a couple of banks offering 7% or higher interest on Children's savings accounts (Kids under 18) Are these a good investment for my kids? I can't find these offers on the internet, ...
4
votes
3answers
541 views

Is a High-Yield Savings Account with 1.25% APY too good to be true?

Okay, Sallie Mae is advertising a savings account with 1.25% APY. That seems incredibly high for a savings account, especially right now. It seems like a too good to be true type thing. Is there a ...
6
votes
4answers
329 views

What is an alternative to bank CD accounts that would pay slightly more interest?

I am looking for an FDIC (or other reliable body) insured account that pays more in interest than CDs. What is the next step up, interest wise, from CDs, even if it means tieing up the money longer ...
9
votes
2answers
341 views

Bank of the Sierra: Are they legit? How can the checking interest APY be so high?

As of February 8th, 2009, Bank Of The Sierra offers a free checking account which earns a 4.09% APY. It looks like the catch is that you pretty much have to use them as your main bank. You need to ...