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How is interest calculated?

April 26, 2017calculated

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How is interest calculated?

11 Answers

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Interest is calculated daily on the full balance of the account.

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Unlike other Internet banks, we calculate interest on your Heartland Bank Direct Performance Savings Account every day, which means you earn more with 2.30%.

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Interest is calculated on the daily outstanding balance of your loan. You can reduce the interest payable by making extra repayments or depositing additional funds into your loan account to reduce your balance. You may be able to redraw these funds as and when you need them.

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A. Interest is calculated at the end of the statement period, and then charged to your account on the last day of each statement period. We start by working out the average daily balance (ADB) outstanding over the statement period.

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A benefit of the Core account is that it allows you to earn interest on uninvested cash balances. Interest is calculated on a daily basis and is credited on the last business day of the month.