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How are dividends calculated on savings accounts?

April 26, 2017calculated dividends savings accounts

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How are dividends calculated on savings accounts?

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Dividends are declared and paid quarterly on share and club accounts by the Board of Directors. Dividends are calculated on the average daily balance of the account, and compounded quarterly. Dividends on certificates are calculated based on the account balance and the certificate interest rate. Dividends are compounded quarterly on the anniversary date of the certificate.