That's true of the nominal rate. A nominal 3% divides to an effective daily rate...

		rexaliquid on Dec 13, 2018 \| parent \| context \| favorite \| on: Robinhood launches 3% checking account That's true of the nominal rate. A nominal 3% divides to an effective daily rate of 0.0082 %. But the effective rate is (1 + Nominal Rate / n)n - 1 or just over 3.2%.