Feb 19 2021, 08:18 PM
QUOTE(red streak @ Feb 19 2021, 12:02 AM)
A day isn't bad considering ASB takes more time than that to withdraw RM500. I might look into it to park some of my emergency funds. Right now I've got a big chunk sitting in one of my savings accounts after making the big bucks gambling on GME. I can't find the 2.46% rate anywhere on their website though 
Hmm they did mention on the main page up to 2.4% with an asterisk lolQuote from FAQ
Currently, net interest is approximately 2.0 - 2.1% per annum.
The interest is compounded daily and it fluctuates based on the market of the funds.
Let’s say your compounded interest rate is 2.1% per annum
The non-compounded interest rate will be slightly less and is 2.078% per annum.
Your daily interest rate will be 0.0057%.
= (2.078% / 365 days)
For example, you deposit RM1000.
After your deposit is being processed, your interest for your first day is RM0.06
= (0.0057% x RM1000).
On the second day, the total interest you receive is RM0.11
= [(1+0.0057%) x (1+0.0057%) x RM1000] - RM1000
The interest will be compounded daily and it is calculated based on your deposit and your accrued interest.
However, interest earned daily will only be credited to your account every 2 weeks in the form of payout. When you receive your payout, you receive 2 weeks worth of interest.
This post has been edited by ryan18: Feb 19 2021, 08:20 PM
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