daily interest
Compounding each day
Daily interest is interest calculated or accrued on a daily basis rather than monthly or annually.
Banks and lenders use daily interest to determine how much you owe at any given moment: The loan compounds daily interest, so paying early saves money.
Credit cards typically calculate daily interest on outstanding balances.
The term also appears in savings accounts that credit interest daily.
- compoundCombined into one
- accrualIncremental addition over time
- APRYearly borrowing cost
- savingsAccumulated money kept
- savings accountInterest-bearing bank holding
loan · percentage · rate · accumulate · balance · principal · yield · earnings · dividends · calculation · per diem · banking · bank statement · credit · credit card · routine · habit · newspaper
daily, interest, day, days, interested, interesting, interests, uninteresting, disinterested