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Calculating your Savings Account Savings Bonus
Calculating your Savings Account Savings Bonus

How do I calculate my Savings Bonus?

Pat avatar
Written by Pat
Updated over a week ago

So you want to calculate your Savings Bonus! Here's how to calculate it:

(Average Monthly Balance*Saving Bonus) * (# of Days in the Month/Days in the Year) = Savings Bonus for the Month
Example scenario:

  • Average balance: $1000.00

  • Saving bonus: 0.30 % which is .003 (0.30/100)

  • Determine the # of Days in the Month: We will use June 2021 as an example, which is 30 days - 6/1/21 to 6/30/21

  • Total Days in 2021: 365

Example calculation: ($1000.00 * .003) * (30/365) = $0.2466

Tip: To earn a Savings Bonus of $.01 you will need at least $40 available balance for 30 days.

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