Interest on your Overnight account is calculated on a daily basis.
This means that your account balance at the end of each day is used to calculate the interest for that day.
Interest is credited once a month – on the first calendar day of the following month – directly to your Overnight account.
Daily basis (act/act interest method): The act/act interest method calculates interest based on the actual number of calendar days: The year has 365 days (or 366 days in a leap year), and each month is taken into account with its actual number of days (e.g., 28, 30, or 31 days).
Calculation formula: Interest is calculated as follows:
Interest = (balance × interest rate % × investment days) ÷ 365 (or ÷ 366 in a leap year)