Why my interest gives me so little when i should be getting more?

T

TimTheTubby

New member
Sep 1, 2010
1
0
1
I have quite a bit in my savings account with interest but at the end of the month it gives like 0.10% instead of 1 %
Can someone please explain why i am getting so little.
 
The one percent is an annual rate.
Divide the annual rate by 12 to get what you should be earning monthly.

If you could get 1% a month in any savings - the world would be jumping on that bank.
APR = Annual Percentage Rate
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