For my tax-free savings account @ CIBC the only interest information I can find is that it's 1.25% and the following:
"Interest is calculated on the full daily closing balance and is paid monthly. The interest rate quoted is an annual rate."
I know what compound interest is, just used to seeing it labelled "compounded annual/monthy" etc. The wording there has me a bit confused.
Can somebody please translate for me?
