Look, believe what you want. The explanation I provided in my previous post is quite clear and accurate. But you are free to believe otherwise. It is all written quite clearly in the fine prints, which btw, were not so easy to find in regards to the details of how the 2% bonus is calculated.g-money wrote: ↑Dec 5th, 2017 6:27 pmUsing average balance is mathematically identical to using daily balance accrual.
For example, the interest for a three-day period with daily closing balances b1, b2, and b3:
(b1 * 2%/365) + (b2 * 2%/365) + (b3 * 2%/365)
= (b1 + b2 + b3) * 2%/365
= (b1 + b2 + b3) * 1 * 2%/365
= (b1 + b2 + b3) * 3/3 * 2%/365
= (b1 + b2 + b3) / 3 * 3 * 2%/365
= (average of b1, b2, and b3) * 3 * 2%/365
= (average of b1, b2, and b3) * 2%/365 * 3
1.(average of daily closing balances over offer period) above Oct. 31 closing balance and
2.portion of daily closing balance above Oct. 31 closing balance, if any,
methods will give the same promotional interest when none of the daily closing balances fall below the Oct. 31 balance.
I found the above in another blog to confirm my thoughts. The bonus is calculated OVER the 4 months so you get Paid the Interest OVER the 4 months.
I challenge anyone to prove me wrong!