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Banking Accounts

When is a lower interest rate a better return?

October 16, 2023
1
min read

Not all savings accounts are created equally. Here's what to look for when choosing a high interest savings account.

At first glance, a higher interest rate on a savings account may seem better for your savings, but depending on how this interest is calculated, you could actually receive a better return on a daily savings account with a lower interest rate.

Some high interest savings accounts calculate interest based on a minimum monthly balance, paying its interest only annually.

This means if you had $25,000 in your savings account for the entire month, with the exception of one day where the balance fell to $5,000, the interest earned for that month is only on the $5,000 which is then calculated and paid annually.

In other words, you don't benefit from the power of compound interest on your full $25,000 calculated daily and paid to you monthly.

Here at Achieva Financial, we offer an interest rate of 3.60%* on your entire balance. Interest is calculated on the daily closing balance, and paid monthly, allowing your savings to compound its interest throughout the year.

This will allow your savings to grow more quickly than it would at a higher interest rate calculated on the lowest monthly balance paid annually.

For more information about Achieva’s Daily Interest Savings Account, visit us online to see how simple rates can lead to high returns.  

* Effective October 20, 2023, and subject to change without notice.

Want to Discuss with an Advisor?

We would be happy to discuss your unique situation with you.
Our goal is to make complex topics like this one, simple.

“I had a wonderful experience at Cambrian. I've been with the same institution for the last 21 years and all the fees and restrictions have finally pushed me into wanting to make some changes.

My advisor was prepared for my arrival with all the documents ready and waiting. He took the time to go over each one...”

Read full client story
Stephan

on his experience with Cambrian

4.9

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