My savings account is paying 1.75%. This rate is locked in for 90 days. On my last statement it showed 1.66%. Why?
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If you had a fair amount of deposit activity in your account for the month and if your bank starts paying interest on a delayed basis, the Annual Percentage Yield Earned (APYE) on the statement can be slightly lower than the Annual Percentage Yield advertised or initially disclosed on the account. It can delay interest computation until it receives credit for deposited checks. At low balances, the effect of rounding on the APYE can be considerable, too.
The difference that you have asked about, however, seems rather large. Contact the bank for an explanation.
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If you had a fair amount of 