Savings accounts

[Colly Wolly]

Originally Posted by Mormon Red Death

Actually you would get $42.30 (compounding interest)

Are you sure? I thought with an APY of 4.15% on one grand, you would get $41.50, making the APR slightly less than 4.15%. The APY takes the compounding interest into account, while the APR does not. I could be wrong.

[Mormon Red Death]

Originally Posted by Stick It In Him

Are you sure? I thought with an APY of 4.15% on one grand, you would get $41.50, making the APR slightly less than 4.15%. The APY takes the compounding interest into account, while the APR does not. I could be wrong.

Doesn't APR stand for Annual Percentage Rate? take APR divide by 12 you get ~.35% time that to 1000 and you get something like $3.50 for month 1 then in Month 2 your time $1003.50 by ~.35% and so on and it gets a little over $42.

then again I guess the APY and APR are two different things so you could be correct

[Colly Wolly]

Originally Posted by Mormon Red Death

Doesn't APR stand for Annual Percentage Rate? take APR divide by 12 you get ~.35% time that to 1000 and you get something like $3.50 for month 1 then in Month 2 your time $1003.50 by ~.35% and so on and it gets a little over $42.

then again I guess the APY and APR are two different things so you could be correct

I could be completely wrong, but I when I use an APR of 4.15% on 1k over a year I get 42.30 in interest over one year (like you said). So the APR is 4.15% and the APY is 4.23%.

Someone settle this, its gnawing at my brain.

[Mormon Red Death]

Originally Posted by Stick It In Him

I could be completely wrong, but I when I use an APR of 4.15% on 1k over a year I get 42.30 in interest over one year (like you said). So the APR is 4.15% and the APY is 4.23%.

Someone settle this, its gnawing at my brain.

This is correct assuming that 4.15% is the Annual Percentage RATE if it is the Annual Percentage Yield then the APR would be lower (like you said)

[All-American]

I'm not sure exactly how the numbers work on that money market account. A $1,000 deposit is required to start the account. From there, I get about one dollar a month for every $280 that is in the money market account.

Not bad work for idle money.

[realtall]

EmigrantDirect.com doesn't have a signup or a referal bonus but it does have a 4.5% interest rate and no minimum initial(or subsequent) deposit amount and no fees.