Bank Interest
2007.Feb.05, 02:30 AM
Bank Interest
Post: #1
when does the interest on the bank money happen ? Is it on a daily basis and at what time?
Thanks for the help
2007.Feb.05, 08:39 PM
Post: #2
Why are there no peplies to this yet? This is an excellent question, does anyone know how interest is calculated and when?

If stupidity bothers you, click here for a solution.
2007.Feb.05, 09:03 PM
Post: #3
i believe it to be midnight game server time.

and it is an annual interest rate of 10%...compounded daily.
2007.Feb.08, 02:55 PM
Post: #4
Right. From what I've observed and calculated, interest is added at midnight game time (Central U.S. time). 10% annually equals one dollar per day for every $3650 you have in the bank, rounded up or down depending on the exact amount.
2007.Feb.08, 09:55 PM
Post: #5
I guess that's why banks get rich. 1 dollar for every 3650 wow. I wish i was the bank.
2007.Feb.09, 12:07 AM
Post: #6
well, the AL bank operates in the red so I don't think you'd want to be that bank. real banks give much much less than $1 on $3650. if you just have a checking account you are getting something in the neighbourhood of $1 per day on every $73,000 you have in the bank.
2007.Feb.09, 01:28 AM
Post: #7
The formula for the bank interest wouldn't be something like P=S(1+ i) ^n or something like that?
2007.Feb.09, 01:33 AM
Post: #8
The bank interest here is pretty realistic and i dont think it should change, what would be good is some sort of investement accout. Say you put $50k in then you choose an investement time (30, 60, 90 days) if you leave the money in then you gain some good interest (4%, 10%, 17%) If you draw the money out early then you get nothing not even normal bank interest.

Example - put $50k in for 60 days you will get an additional $5k at the end of it. In the normal bank you would have got $815

- put $100k in for 90 days and get $17k instead of $2468.

Just an idea, what do you all think?
2007.Feb.09, 01:47 AM
Post: #9
Let's build a full Wallstreet look alike and let's see who dares invest on the dangerous ones for the big reward. Smile

Having no risk and getting high % every time would be a disaster for the economy of the game. Just like in real world, if you want to try and get more than 1,3% monthly, you have to be willing to take risks and/or make bad calls/bets/buys.
2007.Feb.09, 02:14 AM
Post: #10
actually what berry is talking about is more like investing in treasuries or short term GIC's and I have had the same idea before. a bank account in AL pays 10% per annum, so realistically locking your money in for a given period of time should net you more than that with no risk. using bank of america as an example, currently a regular savings account pays 0.2% interest, compounded daily and paid monthly whereas a 9 month certificate of deposit pays 4.41%. now, 9 months is a little long to offer in AL, but the 30, 60 and 90 day options sounded good. basically berry is suggesting a fixed income market be available which I think is a good idea.