Question posted by shingsunyen on July 14th, 2015
What Is The Rate For Money Market Account?
I Like To Open A Money Market Account, What Is The Interest Rate?
Current Answers
Answer #1: Posted by TechSupport101 on July 14th, 2015 8:09 PM
TechSupport101
Member since:
May 24th, 2013 Points: 12,171,305
Member since:
May 24th, 2013 Points: 12,171,305
Have a look at the .pdf file here to better understand interest rates computation on TCF accounts (including the Money market). Below is an excerpt from the same
"We use the daily balance method to calculate the interest on accounts. This method applies a daily periodic rate to the entire collected balance in an account each day. The daily periodic rate is 1/365 of the disclosed annual interest rate (1/366 of the disclosed annual interest rate in a leap year). Here is how we determine an account's collected balance for any day. We take the account balance at the end of the Business Day after all transactions (including withdrawals and deposits) received by TCF for processing before the applicable cutoff times have been posted to the account.
"
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