Calculating interest on your Relay savings account can help you understand how your money is growing over time. The interest you earn depends on your total account balance and your Relay subscription plan.
Each business on Relay can open up to 2 savings accounts. When your Relay account is approved, you will have one savings account automatically created for you. For more information on how to open a savings account, please see: Adding and editing savings accounts.
How do I earn interest on my savings account?
Relay customers will earn 1.03-3.03% APY (Annual Percentage Yield)2Â on their savings account balances.
Your APY will be determined by your Relay subscription plan: Starter, Plus, or Scale. However, only the funds held in your savings account(s) - not checking accounts - will accrue interest.Â
Feature |
Starter |
Grow |
Scale |
---|---|---|---|
APY | 1.03% | 1.75% | 3.03% |
Interest is paid out monthly.
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Savings Account APY Interest Calculator
When is interest paid out?
Interest will be paid out within the first three days of the month (for the previous month).Â
What happens if I change my plan?
When is interest paid out?
Interest will be paid out within the first three days of the month (for the previous month).
Please also note that APY earnings are calculated daily based on your end-of-day balance, but payouts occur on a monthly basis. Since APY is compounded, interest is earned not only on the principal balance but also on the accumulated interest in your savings accounts.
Each day, the APY earnings are determined using the formula: [EOD balance x 0.01] á 365 (with 1% APY used as an example). The daily interest earned is accumulated throughout the month, and the total will be credited to your savings accounts within the first three days of the following month.
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