Most of the banks have changed to giving monthly interest from yearly interest.
Which is good, as the interest earned can be added to the account balance and then compounded for the following months.
You can use this compound interest calculator to calculate the future value of your savings.
Check out this article for Savings Account Interest Rate.
How To Use?
- Initial Account Balance: Your account balance.
- Monthly Contribution: How much to add monthly (optional).
- Annual Interest Rate: Enter the interest rate.
- Deposit Period: How long is the compounding period (in months).
Hope this compound interest calculator is useful for you!