Quote Originally Posted by JennB
Actually, it does accrue daily. At the top of your account statement page, there is a thing that says "Interest earned this month". It goes up every day. At the end of the month, they deposit it.

It's just as you guessed,. APY/365 and multiplied by your balance daily. I just did the math on mine and it worked out to the penny.

Huh, cool. Well I am glad I know how it works. Thanks for the help from everyone, you especially. You can send me over that referral code whenever you want, I think I will be opening an account within the next few days.