Investing - Theory, News & General • Re: MYGA Interest Calculation

Has anybody actually checked that the interest being credited to their MYGA is correct or are we just assuming that it is accurate?

Welcome to the Forum!

I have checked the interest calculation on some of mine. It is accurate.

Every MYGA I’ve seen (except for the “simple interest” products) compounds interest daily. So for example, the interest after 30 days on your initial deposit and 5.35% rate would be ((1 + 0.0535) ^ (30 / 365)) - 1 = 0.00429, or 0.429%.

Your situation is measurably more complex, since you say that you have three different buckets of money, each with its own interest rate and deposit date. That would make it quite challenging to manually calculate the interest during the first policy year. After the first year, it should be a little easier.

I have no reason to think that Protective is doing the calculation incorrectly.

Statistics: Posted by Stinky — Sat Oct 10, 2026 3:26 pm