Banks figure interest on either average daily balance and average monthly balance which is better?

Question

I am trying to figure out if I put money in a bank at different times of the month, with which computation will I receive the most interest. Does anyone have a formula for both, where I can input data at different times

Answer 1

It does not really matter as it is the long term figure that counts. You are talking pennies versus dollars.

Answer 2

Calculator

http://www.1728.com/compint.htm

Answer 3

Seeing as how your standard checking/savings accounts only provide 1-2% interest a year, there really has to be a better way for you to expend your investment energy. Just put your money into the bank when you happen to be driving by. Or better yet, set up direct deposit.

Then, when there's enough money in the bank to cover a few months of expenses, put your energy into figuring out how you really want to invest the rest.