At the bank or financial institute how are the interest calculation is different from loans and savings? Are they calculated the same way?
Within some parameters, interest is calculated the same way on both loans and savings. Some parameters that can differ:
- Interest rates.
- Compounding period.
- Treatment of advanced payments for the loan.
As a general rule, you can deposit to a savings account at any time (sometimes with a limited number of transactions per month). Some loans may operate the same way. As soon as the payment is credited, it is applied. With other loans, they apply the payment on a schedule. All payments in a particular month period may be applied on a particular day. Or advance payments may still be applied exactly when expected. You can pay early but it doesn't save interest. This treatment depends on the loan contract.
The interest rates and compounding periods also depend on the loan or savings contract.
TL;DR: the calculation could be the same but is often different, particularly in how they handle deposits. The behavior should be set in the loan contract or the terms of the savings account.
Or, more briefly, you should ask your bank.