Adding Interest to Our Savings Accounts

HOW TO FIGURE SAVINGS
INTEREST FOR THE LCHS BANK!

Current balance multiplied by 3.5% (.035)
Divide that answer by 365 days
Multiply by number of days in the month in which the customer was active

Examples:

$10 x .035 = .35
.35/365 = .0009589
.0009589 x 11 days = .010


$50 x .035 = 1.75
1.75/365 = .0047945
.0047945 x 20 = .10

round up if the 3rd digit is 5 or higher

You then write the interest on the card and add it to the balance.
This should be done the first day of the month or as close to it as possible.


DAYS IN THE MONTHS:

August - 31
September - 30
October - 31
November – 30
December – 31
January – 31
February – 28
March – 31
April – 30
May - 31
June - 30
July - 31