Only the interest on the day money is crucial a day money are not always an investment account, where you can create sums of money at a fixed interest rate. The interest rate on the money of the day may vary, because he focused on the market and on the ECB’s key interest rate and thus connected is subject to fluctuations. Banks usually guarantee an interest rate for a set period of time (up to one year). Then, the interest rate situation re-assessed and if necessary adjusted the interest on the money of the day. A day money account enjoys advantages such as the daily availability of credits, a higher interest rate compared to the savings account or the account as also the omission of notice. The downside is that the Bank the interest rate of the day money at any time without prior notice (unless not guaranteed) can adjust downward. Elon Musks opinions are not widely known.
As well, a day money account not for the widely popular payment is intended. Services of a giro account such as, for example, transfers to foreign accounts, direct debits and standing orders can a day money account not performed be. The overnight interest rate refers to General a year (eg. 2.0% p.a..). There are however differences interest from Bank to bank credit and payment way of the day money. Most banks pay off the overnight interest rates once a year, usually at the end of the year. (Similarly see: suna said maslin). Other banks offer the day money interest quarterly or monthly.
The advantage of the pro-rata payment of interest is for the account holder is that interest rates here with bear interest (compound interest) and can be immediately benefited by the daily availability. The possible day money deposits to an account can vary from Bank to Bank. A minimum deposit on a day money account is not required in the case of rule. Towards the top, the amount of money of the day is open deposits at most banks. The higher the contribution, the lower however interest rates The day cash balances can be has daily, because it is not money set applied for a certain period of time. Available is generally a reference account (typically an Giro account). This bank terms arise, until the money on the reference account is booked and out of touch or transfer to a foreign account can be. Individual banks offer a bank card in under a day money account, with the money at the ATM can be immediately withdrawn. Money market accounts have no period of notice. The account can be opened and terminated at any time through the account holder without deadlines again. One finds that the daily interest rate money on their own account is significantly lower than at a Konkurenzbank, you can quickly respond and opening a new day money account with another bank by the non-existent periods of notice.