Work out bank interest on savings account instantly with clear inputs, formula shown and shareable results.
Savings interest accrues daily on the closing balance and is usually credited quarterly. Because the rate is low, the daily accrual figure makes clear how little a large balance earns while sitting idle.
Savings interest
Interest = balance × rate × days / 365
Figures are estimates based on the inputs given. Bank charges, regulatory minima and market rates change and differ between institutions and jurisdictions. This is not financial advice — confirm with your bank or treasury policy.
Most banks accrue daily and credit quarterly, so interest earned late in a quarter appears only at quarter end.
Usually yes above a small exemption, and banks may deduct tax at source once a threshold is crossed.