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Savings accounts! Interest YTD! Am I being paid the right amount of interest?
If I have an interest YTD of 40 cents, shouldn't I be getting 40 cents a month? Why am I getting random amounts like 4, 5 , and 6 cents a month? My interest rate is 0.01% and I have $4000 in the savings. When I do the math I get 40 cents just like the interest ytd shows. So, what's the deal with what the interest YTD says, and the amount of money I am receiving? Is something wrong or is there something I don't know?
I see Malica, so, about the 5 or 6 cents I get monthly, is that gonna add up to 40 cents in a year or is that extra? And don't worry! This is not how I'm planning to make money, it's just something I noticed.
1 Answer
- ?Lv 79 years agoFavorite Answer
0.01% is your annual interest rate - which works out to 40 cents for the whole year. (0.01% converted to a decimal is 0.0001, multiplied by $4000 is 0.40).
If you actually wanted to earn interest, a savings account is NOT the place to try to make money.
