What Was The Savings Interest Rate In 2012? Bank Average Savings Account Rate 1. MetLife Bank0.85 percent 2. Ally Bank 0.84 percent 3. ING Direct 0.80 percent What was the average interest rate on a savings account in 2012? Date National average (APY) January 6, 2014 0.06% January 7, 2013 0.07% January 2, 20120.11% January
How Do You Calculate Effective Rate? The effective interest rate is calculated through a simple formula: r = (1 + i/n)^n – 1. In this formula, r represents the effective interest rate, i represents the stated interest rate, and n represents the number of compounding periods per year. How do you calculate effective interest rate
What Is The Difference Between Effective And Nominal Interest Rate? Effective interest rate is the one which caters the compounding periods during a payment plan. It is used to compare the annual interest between loans with different compounding periods like week, month, year etc. … The nominal interest rate is the periodic interest rate times