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Feb 3, 2022
Personal Finance

How Is My Monthly Savings Rebate Calculated?

Simplicity is critical when it comes to understanding an interest rate, or savings rate. Atmos prides itself on removing the fine print whenever possible. We calculate our monthly savings rebates using the average daily balance methodology, compounded and paid monthly, a common method used by many banks around the country. 


Here is how your Monthly Savings Rebate is calculated: 

  • Step 1:  We record your deposit balance, daily. 
  • Step 2:  We compute the average daily deposit balance for your account. The average daily deposit balance is calculated as the sum of each daily balance (recorded from Step 1 above) divided by the number of days in the month. 
  • Step 3:  The average daily balance (recorded from Step 2 above) is multiplied by the daily equivalent savings rate. The daily equivalent savings rate is the quoted savings rate divided by 360. 


As a formula, these steps can be illustrated as: 

  • Monthly Savings Rebate = (Average Daily Balance for month prior) x (# of days in month prior) x (daily equivalent of savings rate) 


Earn a nationally leading rate funding clean energy without the fine print:

  • No minimum balances
  • No monthly fees
  • No transaction fees
  • No maximum balance
  • No spending requirements
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