what balance is used to compute the monthly interest?

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angeltear757

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In a hypothetical regular savings account, what balance do they use to compute the monthy interest earned at the end of the month? I doubt they'd use the balance at the end of the month, being that the money wasn't 'invested' with them the entire cycle. Would they use an average daily balance? Or perhaps determine appliciable interest daily on the close of business balance, but not depoist it into your account until the end of the month...?
 
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