New Support Team
Our new Business Services Support Team is available Mon – Sat to assist our Business Members’ service needs. Call us at 204-925-4525.
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Starting Monday June 17, Cambrian branches will be opening 30 mins earlier on Mon, Tues, Wed & Fri.
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Daily Banking

When is a lower interest rate a better return?

October 23, 2023
1
min read

Not all savings accounts are created equally. Here's what to look for when choosing a high interest savings account.

Person using calculator for finances

At first glance, a higher interest rate on a savings account may seem better for your savings. But depending on how this interest is calculated, you could actually receive a better return on a daily savings account with a lower interest rate. ‍

Some high interest savings accounts calculate interest based on a minimum monthly balance, paying its interest only annually.

This means if you had $5,000 in your savings account for the entire month, with the exception of one day where the balance fell to $1,000, the interest earned for that month is only on the $1,000, which is then calculated and paid annually.

In other words, you don't benefit from the power of compound interest on your full $5,000 calculated daily and paid to you monthly.

Here at Cambrian, we offer an interest rate of 3.45%* on your entire balance. Interest is calculated on the daily closing balance and paid monthly, allowing your savings to compound its interest throughout the year.

This will allow your savings to grow more quickly than it would at a higher interest rate calculated on the lowest monthly balance paid annually.

For more information about Cambrian’s Premium Savings Account, visit us in-branch or book a meeting online with one of our Digital Advisors.

*Effective October 20, 2023, and subject to change without notice.

Today’s Rates

*All rates and yields subject to change without notice.
Premium Savings
3.35
%

Want to Discuss with an Advisor?

We would be happy to discuss your unique situation with you.
Our goal is to make complex topics like this one, simple.

“I had a wonderful experience at Cambrian. I've been with the same institution for the last 21 years and all the fees and restrictions have finally pushed me into wanting to make some changes.

My advisor was prepared for my arrival with all the documents ready and waiting. He took the time to go over each one...”

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Stephan

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