Earnr Support

Earnr Everyday and Earnr Notice Accounts

Interest is calculated daily according to the closing balance on the day, accrues throughout the month, and is paid on the last day of the month.

Earnr Everyday and Earnr Notice Accounts are tiered rate accounts, meaning a different interest rate may apply for the balance you have within each tier.

The accrued interest calculation for each balance portion on a day, is as follows: Closing balance portion for the day x (applicable tier interest rate / 365 days) = interest accrued on that day.

The interest accrued on each balance portion is added up, to arrive at the total interest accrued on the day.

Below is a worked example for the daily accrued interest on a Notice Account (rates are for calculation purposes, click here for current rates):

$800,000 Closing Balance in a 90 Day Notice Account  

Rate on first $250,000: 6.50% p.a

Rate from $250,000 to $750,000: 6.30% p.a

Rate above $750,000: 3.85% p.a

‍Daily Interest Accrued is ($250,000 x 6.50% / 365) + ($500,000 x 6.30% / 365) + $50,000 x 3.85% / 365) = 136.09 interest accrued on that day

‍Earnr Terms

Interest is calculated daily according to the closing balance on the day.

For Terms with interest paid monthly - interest accrues daily throughout the month, is paid on the last day of the month, and automatically transferred to your Earnr Everyday Account.

For Terms with interest paid at maturity - interest accrued daily throughout the term, is paid on the maturity date, and automatically transferred to your Earnr Everyday Account.

Earnr Terms have one rate for the total balance, and that rate is locked for the whole term.

The daily interest calculation for a term is as follows: Closing balance x (interest rate on the term / 365 days) = interest accrued on that day.

Below is a worked example (the rate is for calculation purposes, click here for current rates):

$800,000 12 Month Term at 7.00% p.a

‍Daily Interest Accrued = 800,000 x 7.00% / 365 = $153.42 interest accrued per day