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How is interest on my Discover Bank Online Savings Account calculated?

April 26, 2017Bank calculated discover online savings account

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How is interest on my Discover Bank Online Savings Account calculated?

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We use the daily balance method to calculate interest. This method applies a daily periodic rate to the principal in the account each day. Interest begins to accrue on the business day of your deposit, if the deposit occurred at or before 2PM ET. After 2PM ET, you will start to earn interest on the next business day. Interest is compounded on a daily basis and credited to your account on a monthly basis.