Does the 5% APY in envelopes accrue monthly or annually?

Hi there, Tj. I'm here to share some details about how the interest is calculated and when it'll accrue.

In QuickBooks Money, your interest is calculated at the end of each statement cycle. Your cycle starts on the day your account was approved. So, if your account was approved at the end of the month (the 29th, 30th, or 31st), your statement cycle starts on the 1st of each following month.

In addition to that, please note that the average daily available balance is calculated by adding the daily available balance in your envelopes and dividing the total by the number of days in the statement cycle. Check your transactions or monthly statements to see how much you earned.

To access your monthly statements:

QuickBooks Online:

1. Go to Banking services, then select QuickBooks Checking.
2. Click Manage.
3. Choose QuickBooks Checking account and then Monthly Statements.

QuickBooks mobile app:

1. Go to the Banking or Cash Flow menu.
2. In the QuickBooks Checking section, select Manage.
3. Choose Account info and then Monthly Statements.

QuickBooks Money mobile app:

1. From the Overview tab, select Banking.
2. Choose Manage account and then click Account info.
3. Hit Monthly Statements.

Hop into this post again if you have further questions concerning your savings account. I always have your back ready to assist. Stay safe!