Which is better, a Monthly interest account or a Daily interest one?
Monthly Interest Account: Typically pays interest on the minimum balance in the account during one full calendar month.
Daily Interest Account: Pays interest on the daily balance.
If your account balance varies significantly through the month, you will likely earn lower interest amount in a Monthly Interest Account vis-a-vis a Daily Interest one, even if the interest rate of the Monthly Interest Account is higher than a Daily Interest one.
|Date||Balance (in EGP)||Edit|
|Monthly Interest Account||Daily Interest Account|
|Interest rate, % p.a.||18||14|
|Min. balance during the month|
|Interest earned during the period|