Bank Account Daily Interest Calculator
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Reviewed by Calculator Editorial Team
Calculate how much daily interest your bank account earns with our free daily interest calculator. Simply enter your principal amount, daily interest rate, and time period to see your daily interest earnings.
How to Use the Daily Interest Calculator
Using our bank account daily interest calculator is simple:
- Enter the principal amount (the initial amount of money in your account)
- Input the daily interest rate (annual rate divided by 365)
- Specify the time period in days
- Click "Calculate" to see your daily interest earnings
The calculator will display your daily interest amount and the total amount after the specified period. You can also view a chart showing your balance growth over time.
Daily Interest Formula
The daily interest calculation uses the simple interest formula:
Daily Interest Formula
Daily Interest = Principal × (Daily Interest Rate × Time in Days)
Where:
- Principal - The initial amount of money in your account
- Daily Interest Rate - Annual interest rate divided by 365
- Time in Days - The number of days the money is invested
Note
This calculator uses simple interest. For accounts that compound interest daily, use our compound interest calculator instead.
Worked Example
Let's calculate the daily interest for $1,000 at a 2% annual interest rate for 30 days.
Example Calculation
1. Convert annual rate to daily rate: 2% ÷ 365 ≈ 0.0054795%
2. Calculate daily interest: $1,000 × (0.0054795 × 30) ≈ $16.437
3. Total amount after 30 days: $1,000 + $16.437 ≈ $1,016.44
Using our calculator, you would enter $1,000 as the principal, 0.0054795 as the daily rate, and 30 as the time period to get these results.
Frequently Asked Questions
How is daily interest calculated?
Daily interest is calculated using the simple interest formula: Principal × (Daily Interest Rate × Time in Days). The daily interest rate is derived by dividing the annual interest rate by 365.
What's the difference between simple and compound daily interest?
Simple daily interest is calculated on the original principal only, while compound daily interest earns interest on both the principal and previously earned interest each day. This calculator uses simple interest.
How accurate is this calculator?
This calculator provides accurate results based on the simple interest formula. For precise financial calculations, always verify with your bank's official statements.