Daily Interest?

[OrbitzXT]

I'm new to the world of banking, I've been keeping my cash under the mattress for a few years. Anyway I was looking at Bank of America, there is one close to my house, Checking is free if you open the account online, Savings is free if you maintain a balance of $300 daily and they have the Keep the Change program where you buy something and they round up and deposit the change in your Saving Account, so if you spend $3.20, they put $0.80 in your Savings account, seems nice I guess.

So I was looking at this...

Interest rates

Interest is compounded daily and paid monthly.
Regular Savings Interest Rate APY 1
All Balances 0.20% 0.20%

What exactly does that mean? I'm not the best with math. Lets say I deposit $500 in my Saving account, how much interest can I expect to earn at the end of the month? And bonus points if you can teach me how to calculate it myself.

[tzitzibp]

Best thing to do is to ask at the bank as the interest rate could be either fixed or variable... or combined!:confused:

Read the terms and conditions of the account type you want to open as there are differences, e.g. ...
closed account,
savings account,
open account and so on....

Don't forget BANKS NEVER LOOSE!

[AphexDreamer]

I recently opened my first banking account as well, the person who helped get an account is now my personal banker, you should get one as well.
You'll be able to ask her question about anything bank related to help you out.:)