Current account vs fixed deposit · 360-day basis 360-day convention
💰Money at end
$ 100,000.00
✨Interest wey enter
$ 0.00
📈APY (actual)
0.35%
* Monthly data points. Compound mean interest dey join principal daily. Simple mean straight-line growth. Final value dey marked.
Dis one follows 360-day rule. Interest dey calculate every day and join principal. E fit current account and money-market style saving.
Na normal way fixed deposit dey work. Interest no dey join itself again, so growth go move for straight line.
When you switch account type, common rates fit show automatically. Result dey round to two decimals and e fit handle big amount too.
APY shows di real return after compounding don join inside calculation. For daily compound mode, dis calculator turns yearly rate into APY so you fit see di true gap between compound and simple interest.
Many finance markets and some deposit products dey use 360-day rule because e simple and consistent. Dis tool follows dat same standard to stay close to how institutional quotes dey work.
Switch between daily compound for current account and simple interest for fixed deposit. Common rates fit fill automatically, and you still fit change dem by hand. Di chart updates immediately.
Put 100,000,000 as amount, choose one year, then test current account or fixed deposit. Di exact result depends on bank rate, but dis page helps you compare both styles very quickly.