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How to calculate interest on Savings

Interest accrues daily, but if less than 0.01 EUR/PLN, it won't be paid until the cumulative interest exceeds this amount.

Interest accrues on a single deposit per Savings product per partner bank. You can create multiple savings through the app for each product a partner bank offers. For example, you might create several savings with the same bank at the same interest rate.

Although these appear as separate Savings accounts, the partner bank views them as one single deposit. Interest is paid on the total balance in one payment. When we receive this payment, it is distributed across your Savings Accounts based on their balances at the time the interest was calculated.

Here's an example:

Consider a balance of 1,000zł with a 2.5% annual interest rate, compounded daily:

Day 2

  • Interest accrued: 1,000zł * 2.50%/365 = 0.0684932zł
  • Interest paid: 0.06zł (remaining amount keeps accruing until it becomes 0.01zł)
  • New balance: 1,000zł + 0.06zł = 1,000.06zł

Day 3

  • Interest accrued: 1,000.06zł * 2.50%/365 = 0.0684973zł
  • Interest paid: 0.06zł + 0.01zł = (accrued interest of Day 1: 0.0084932zł and Day 2: 0.0084973zł)
  • New balance: 1,000.06zł + 0.07zł = 1,000.13zł