iwidji

@[email protected]

I’m a Data Scientist 🧑🏻‍💻, driven to create love as inspired by my God & my Autistic Brother 💙, and I’m way too caffeinated 🤪

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for a savings account that calculates interest daily and pays interest monthly, is it better to contribute daily or monthly? ( lemmy.world )

So i got into a disagreement with ChatGPT about whether you earn more interest overall if you contribute daily rather than monthly, if the overall contribution over 1 year is the same....

iwidji , 10 months ago

But I would add, don’t hold back money from your higher interest accruing accounts if you have it, if you’re trying to optimize the interest. Once you have the money, deposit it as soon as possible, so interest begins accruing on it, even if it’s not the beginning of the month yet.

In other words, if you hold back money, it’ll never accrue interest. You’re not going to get exponential or compounding growth on money that wasn’t accruing interest. You only get that once it begins accruing interest.

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