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High-Yield CD? |
Hi, Your interest through BOA accrues daily and compunds monthly. The 4.72% is your annual rate; however, the 4.8% is your yield due to compounding. The math would be as follows: The $500 per month is wrong. That is is annual amount you will earn (divide by 12 for monthly amount). Generally you can only take your money out of a CD at the end of the contract term (i.e. 6 months, 1 year). You pay penalties to take it out sooner. Don't put money in there if you have any reason to believe that you will need the money. It would be $519.20 for the whole year. The interest is paid annually. |
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