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Average Daily Balance, And Why Your Savings Account Paid Even Less Than Your Already Low Expectation

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Average Daily Balance, And Why Your Savings Account Paid Even Less Than Your Already Low Expectation

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.

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