Re: Summary Post of Online Savings Rates
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Originally Posted by gavinmccallister
FNBO I don't think is really all that good, here is what I found out on their disclosure page:
FNBO Direct
Disclosures
Interest begins to accrue no later than the business day we receive credit for the deposit of non-cash items (for example, checks). In other words, interest is paid on collected balances.
We use the daily balance method to calculate the interest on your account. This method applies a daily periodic rate to the principal balance in the account each day.
Interest for your account will be compounded and credited monthly.
Your interest rate and annual percentage yield may change. At our discretion, we may change the interest rate on your account. Currently, the interest rate on your account is 5.13% with an annual percentage yield* of 5.25%.
I believe that you want a savings account to compound and credit daily not monthly.
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It's all relevant to the APY. If it were compounded daily, they would most likely just drop the interest rate to 5.12% which would basically have an APY of 5.25% also.
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