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/biz/ - Business & Finance

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57473366 No.57473366 [Reply] [Original]

If my bank is offering 2.8% interest on 30 day non-redeemable term deposits, does that mean that if I dump $20,000 into it, every 30 days they will give me $560? It seems too good to be true, but I might also be retarded and not understand how it actually works.

>> No.57473383

2.8% is yearly, you get 2.8%/12

>> No.57473395

Read it again, it reads 2.8%pa probably (per annum)=year

>> No.57473421

>>57473383
>>57473395

Thats what I thought, but when I look at what it says if I try to open an account online it says

>Interest rate 2.8%
>Interest calculated and transferred Every 30 Days
>Renewel Frequency 30 days
>The term will be renewed for the same term type and length at the interest rate effective on the maturity date.

>> No.57473428
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57473428

>>57473366
>dis nigga think da j00z gonna give him 2.8% a munf

>> No.57473455

It's always been common knowledge that /biz is below average IQ but geezus...