So for our kids, who are still quite young, instead of opening an entire other savings account for them, we decided to do “virtual” savings accounts....
Interest is usually calculated as a daily accrual of the EOD balance, then applied monthly.
Some systems will actually do the accrual daily and store the balance in a shadow account, others will just calculate the interest when it is applied.
So if you had $100,000 in your account for just one day and nothing else for the rest of the year, at 5% interest you would earn 100000 * 0.05 / 365 = $13.69
Calculating Interest on a "Virtual" Savings Account
So for our kids, who are still quite young, instead of opening an entire other savings account for them, we decided to do “virtual” savings accounts....
Saltless Water Softener?
Has anyone had good experiences with a saltless water softener/conditioner in their home?...