This morning, I check Montly Saving Account of DBS bank Singapore. I tried with their calculator via this link and came up with this.
Total monthly savings $ 3,600.00
Total interest earned $ 7.84
Total balance $ 3,607.84
Let's say...I save $300 monthly
, the interest rate is 0.2
because the interest rate is tied to monthly saving amount (In this case: $300 - $790 0.2000
). Please check this link
However, I am not clear on how the interest is calculated, could you guys don't mind sharing me the ideas? 0.2 means % per month?