Which is better, a Monthly interest account or a Daily interest one?
Deep-Dive View
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. | 19 |
|
16 |
|
| Min. balance during the month | ||||
| Interest earned during the period | ||||
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