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?