How does ubank calculate interest?
We calculate interest on the daily closing balance of your account using the following formula:
Daily closing balance x (applicable interest rate / 365) = Interest accrued on that day
For Savings Accounts, interest is paid monthly, directly into the account.
For Term Deposit Accounts, interest is paid into your chosen bank account. This is generally done at the end of the term, but if your term is 12 months or more, you can choose to have interest paid monthly or annually, and then at the end of the term.