Interest for your Save & Auto-Save Pockets accrues daily and is credited to your One account monthly.
We use the daily balance method to calculate that interest. The daily balance method is a common accounting method that calculates interest charges by considering the balance invested or owed at the end of each day of the billing period, rather than the balance invested or owed at the end of the week, month, or year.
The daily rate is 1/365 of the interest rate (in a leap year we may use 1/366). We apply the daily periodic rate to the collected balance in your Save and Auto-Save Pockets each day. Interest begins to accrue the business day after a deposit.
Example: If you start the month out with $1000 in your Auto-Save pocket then you will earn a 0.00008 daily interest rate (3.00% annual percentage yield (APY) / 365 days = 0.00008 daily interest rate) on that amount. If you add $500 more dollars to your Auto-Save pocket on the 10th of that month then you will start earning the same daily interest rate on the new pocket total of $1500 starting on the next business day. If you get to the end of a 31 day month then your interest accrued should equal $3.42.