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Consumers CU (IL) checking account interest Calculation

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Anonymous
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Consumers CU (IL) checking account interest Calculation

My free checking account is supposed to earn 3.09% APY (i opened the account with them in april) and i have deposited 2525$ on May 8th. I met the requirements to earn 3.09% by doing 12 debits transactions (loading gift card at amazon with 0.50 per transaction) and accessed online account once a month, made a ACH/direct deposit transfer and have signed up for estatements. I also received an email on june 1st saying that i have met the requirements to earn 3.09% between may 1st to may 31st. Can someone help me understand the interest calculation for 2525$ ?

i received for the month of may 5.05$ diviend .shouldnt it be more than that? If anyone has an account with them please enlighten me about this. Thanks!

Message 1 of 4
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SouthJamaica
Mega Contributor

Re: Consumers CU (IL) checking account interest Calculation


@Anonymous wrote:

My free checking account is supposed to earn 3.09% APY (i opened the account with them in april) and i have deposited 2525$ on May 8th. I met the requirements to earn 3.09% by doing 12 debits transactions (loading gift card at amazon with 0.50 per transaction) and accessed online account once a month, made a ACH/direct deposit transfer and have signed up for estatements. I also received an email on june 1st saying that i have met the requirements to earn 3.09% between may 1st to may 31st. Can someone help me understand the interest calculation for 2525$ ?

i received for the month of may 5.05$ diviend .shouldnt it be more than that? If anyone has an account with them please enlighten me about this. Thanks!


Sounds about right. It's 3.09% annual, not monthly.


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 2 of 4
Anonymous
Not applicable

Re: Consumers CU (IL) checking account interest Calculation

Principal: $2525

Interest: 3.09%, which is .0309, which on a monthly basis is =.0309/12, which is .002575 (or .2575%)

 

Principal x monthly interest, =2525*.002575, which is $6.501875 dividend for all of May

 

Month of May has 31 days, so take $6.501875/31, which is $0.209738 per day.

 

You invested for 24 days (31-7), which is $0.209738x24=$5.03 earned

Message 3 of 4
Anonymous
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Re: Consumers CU (IL) checking account interest Calculation

Perfect. Thank you!

Message 4 of 4
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