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Personal · Conturi · Savings Accounts

How to calculate interest on Savings Accounts?

Interest accrues daily, but if your net interest is less than 0.01 RON, it won't be paid until the cumulative interest exceeds this amount. As required by Lithuanian law, we'll deduct a 15% withholding tax from any interest before it's credited to your Savings Account.

Here's an example

Consider a balance of RON 1,000 with a 2.5% annual interest rate, compounded daily, with a 15% withholding tax applied:

Day 1

  • Starting balance: RON 1,000

Day 2

  • Interest accrued: RON 1,000 * 2.50%/365 = RON 0.0684932
  • Payable interest: RON 0.06 (remaining amount keeps accruing until it becomes RON 0.01)
  • Tax accrued: RON 0.06 * 15% = RON 0.009
  • Tax withheld: 0 RON (remaining keeps accruing until it becomes 0.01)
  • Interest paid after tax: RON 0.06
  • New balance: RON 1,000 + RON 0.06 = RON 1,000.06

Day 3

  • Interest accrued: RON 1,000.06 * 2.50%/365 = RON 0.0684973
  • Payable interest: RON 0.06 + RON 0.01 = RON 0.07 (accrued interest Day 1: RON 0.0084932 + Day 2: RON 0.0084973)
  • Tax accrued: RON 0.07 * 15% = RON 0.0105
  • Tax withheld: RON 0.01 (remaining keeps accruing until it becomes 0.01 - Day 1: RON 0.009 + Day 2: RON 0.0005)
  • Interest paid after tax: RON 0.07 - RON 0.01 = RON 0.06
  • New balance: RON 1,000.06 + RON 0.06 = RON 1,000.12