Interest
Where will the interest earned be posted to?
The interest earned will be posted to your Main Account and Save Pockets based on the respective balances in each account. Example 1: Your day’s end balance in your Main Account is RM1,000.00 on Day 1 (1 Jan 2025) • On Day 1 (1 Jan 2025), you will ...
How does Ryt Bank ensure fair and accurate interest payouts?
Unlike some banks that may round down and disregard smaller accrued amounts, Ryt Bank tracks residual balances, ensuring that even small amounts accumulate over time. This way, no interest is lost due to rounding. Please refer to the Question: “Why ...
Can I earn interest across multiple Save Pockets and the Main Account, and how is it calculated?
Yes, you will earn interest on your Main Account and each of your Save Pockets. Interest is calculated separately for each based on the day’s end balance. Residual balances are also tracked individually for each Save Pocket and the Main Account.
Why does my daily interest fluctuate, and why might I not see interest credited on some days?
Your daily interest may vary due to: • Changes in your day’s end balance. • Rounding adjustments (interest is calculated to six decimal places but credited after rounding to two decimal places). • Residual balances being carried forward, which may ...
Is there a maximum balance capping to earn interest in my Ryt Bank Savings Account?
No, there is no maximum balance where your interest can be accrued on.
When will interest be posted to my Ryt Bank Savings account?
The interest is calculated based on the balance at the end of each day. It will be paid out on the following day.
What will happen when the interest calculated from my day's end balance is less than RM 0.01?
You will not receive any interest payout if the interest calculated is less than RM 0.01. However, this accrued interest amount that is not paid out for the day will be carried forward to the next day as a residual amount, which will be accumulated ...
How is the interest on my Ryt Bank Savings Account calculated?
Each day, the interest on your Ryt Bank Savings Account is determined by the day's end balance and the prevailing interest rate. This interest is calculated using the formula: Interest per day = (Day’s end balance * X%) / 365 • “Day’s end balance” ...
What is the interest rate offered for my Ryt Bank Savings Account?
The current interest rate for the Ryt Bank Savings Account is 3.00% per annum. This rate applies to the total balance across all your Ryt Bank Savings Account—both your Main Account and Save Pockets, with no cap on the amount. Stay tuned for updates ...