Is money market interest calculated on an average daily balance?
Yes, it is. Your average daily balance for a given period is the sum of your account balance at the end of each day divided by the total number of days. Interest is then calculated for each day by applying a daily interest rate to the average daily balance.
All information provided through this site is intended to be accurate. However, there may be inaccuracies from time to time which we will make every attempt to correct immediately.