how to calculate savings interest..?

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Moderator: lvergon

Posts: 1
Joined: Wed Apr 25, 2012 12:15 am

how to calculate savings interest..?

Postby arshdf » Wed Apr 25, 2012 12:22 am

Ok, i'm confused. Looking at WellsFargo rates here:

It says their savings have an APY of 0.01% (..compounded daily & payed monthly..??)
Seriously? So if I put 1000$ in for a year, I can expect to earn a dime? I must be missing something.

bill o
Posts: 107
Joined: Fri Mar 16, 2012 7:33 am

Re: how to calculate savings interest..?

Postby bill o » Wed Apr 25, 2012 5:14 am

Yep, 10 cents for the whole year... Don't spend it all in one place.

It's more like negative savings.

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