Would this work?

Would it be possible to collect interest from both savings and checking by transferring funds on the 12th hour? Then repeating the steps every 12 hours. Thus having a daily balance in both accounts. Or could you transfer back and forth every few seconds throughout the entire day. Or is this wrong and be classified as stealing?

Call the I.R.S. and ask them. Then report back to us no later than Aug. 6th thanks.

I can’t answer this question authoritatively but as a financial systems software developer I would say that the interest is calculated based on the balance at a given point in time (not the max during an interval). Therefore you can’t have the same money in two accounts at the same point in time.

You can bet that the banks thought about this one long before you did.

Some of the newer banking services offer ‘overnight sweeping’ (which I think means moving the balance of your current account to your (higher interest) savings account) - the implication of this is that interest is calculated on a finer level of detail than whole days; if the money is in one account, it’s not in the other; so it can only earn interest in one or the other, or am I wrong?