how is bank interest calculated?

Question

for example, I’ve put in $8000 into the bank with 2% pa. in a month, the interest that I should have gotten is [($8000×2%)/12] = $13.33. however, I received $10.79. is there something wrong with my calculations or is this how banks work?

In: Economics

Answer 1

Banks pay interest to depositors based on actual number of days. What date did you make the deposit, and what is the date on the statement? You should be getting roughly $.44 per day in interest.