Common use of Interest Computation Method Clause in Contracts

Interest Computation Method. Interest on CDs is compounded daily on a 365-day basis using the daily balance method for the actual number of days your money is on deposit. (During leap years, we will use a 366-day basis.) Interest on CDs is computed from the business day of your deposit to, but not including, the maturity date. The daily balance method applies a daily periodic rate to the principal (plus compounded interest, if any) in the account each day. The daily periodic rate is equal to the interest rate divided by 365. Daily compounding of accrued (but not yet credited) interest is applied at the end of each day.

Interest Computation Method. Interest on CDs is compounded daily on a 365-day basis using the daily balance method for the actual number of days your money is on deposit. (During leap years, we will use a 366-day basis.) Interest on CDs is computed from the business day date of your deposit to, but not including, the maturity date. The daily balance method applies a daily periodic rate to the principal (plus compounded interest, if any) in the account each day. The daily periodic rate is equal to the interest rate divided by 365. Daily compounding of accrued (but not yet credited) interest is applied at the end of each day.

Interest Computation Method. Interest on CDs is compounded daily on a 365-day 365‐day basis using the daily balance method for the actual number of days your money is on deposit. (During leap years, we will use a 366-day 366‐day basis.) Interest on CDs is computed from the business day of your deposit to, but not including, the maturity date. The daily balance method applies a daily periodic rate to the principal (plus compounded interest, if any) in the account each day. The daily periodic rate is equal to the interest rate divided by 365. Daily compounding of accrued (but not yet credited) interest is applied at the end of each day.