Average Daily Balance, And Why Your Savings Account Paid Even Less Than Your Already Low Expectation

My second job was at a bank, and that's when I really started saving. During my first year at that job, I was able to save 12,000 in my first year. That amount was higher than my monthly gross pay, so I was pretty happy I was able to save that much.

At the end of the year though, my interest was around 12 pesos (and I think that was before the tax kicked in - and, to boot, those were in the "old days" before the BSP started emulating the US Federal reserve in cutting down interest rates to all-time lows.)

Obviously I was bummed.
Read more »