take the rate and multiply that by the amount of $ u have (which can obviously vary) then take that variable (figure) and divide by 365. that allows u to then figure what u r having for a certain time frame (like 7 days).
As an example:
$100,000 X 5.04% = $5,040. $5,040/365 = $13.81/day so take that $13.81/day x 7 days = $96.67 (interest earned for those 7 days). it sounds like they advertise it that way because quite a few people remove money quickly from their accounts. my numbers should b fairly accurate. i hope this helps!!
