Average Daily Balance, And Why Your Savings Account Paid Even Less Than Your Already Low Expectation
My second job was at a bank, and that’s when I really started saving. During
my first year at that job, I was able to save 12,000 in my first year.
That amount was higher than my monthly gross pay, so I was
pretty happy I was able to save that much.
At the end of the year though, my interest was around 12 pesos (and I think that was before the
tax kicked in – and, to boot, those were in the “old days” before the
BSP started emulating the US Federal reserve in cutting down interest
rates to all-time lows.)
Obviously I was bummed.