Interest is the benefit you will get annually for keeping your money with Maza. It represents the percentage growth of your money while it is in our platform.
For example, if you have $1000 and earn 1% interest, you will earn $10 per year.
The interest is calculated and added to your account daily, but is credited monthly.
To calculate the interest, we use the daily balance method.
This applies the interest rate we offer daily to the balance accumulated in your account each day. In other words, we calculate interest every day of the year, whether it's a regular 365-day year or a 366-day leap year.
For example, if in September you have $1000 in your account for 15 days and Maza pays 1% annual interest, the calculation would be:
1% (annual interest) divided by 365 (days in the year) multiplied by the $1000 you had in the account, and then multiplied by the 15 days. The result would be $0.41.