for a scotia bank power savings account is the interest of 3% based yearly or is it 3% each month?

they say it is paid monthly, just wanted to know if anyone knows a deffinate answer to this

Tags: account, Bank, based, each, interest, month, Power, savings, scotia, yearly

2 Responses to “for a scotia bank power savings account is the interest of 3% based yearly or is it 3% each month?”

1. oakhill says:

   December 4, 2011 at 6:33 am

   The 3% is the yearly rate. 3/12 = 0. 25% per month on the balance.
2. what? says:

   December 4, 2011 at 6:36 am

   3% is the APY, which means you will get less than 0. 25% per month.

   3% per month is ridiculously high.