No, as you say it is cumulative. Posted as the contract's value for that day. This is fine with me; I can do basic math. I personally see no value in a line for every day. I would like to see a line for every month but will not lose sleep over it.
As interest is compounded ANNUALLY and not daily as stated in their contract and the information I received before I complete the purchase. I do not see the value of more granular information.
Perhaps your expectations are a lot higher than mine. I like it just as it is. Keeping it simple, which is why I selected MYGA's in the first place.
We're using MYGAs (and CDs) to generate income to pay the bills month to month. So, not only being able to forecast - but also to get consistently accurate payments monthly - is a bigger deal to us apparently.
So far, our first MYGA has been a nightmare trying to get that basic thing done. The first payment was for two (not one) months, because they couldn't get our request form processed quickly enough and our April 22 payment "slipped". Then, the second month only went through the 28th - not 31st - presumably because the month ended on a weekend, so their system decided "end of month" was Friday instead. Then, the following month started not on the 29th of the preceding month but the 1st of the following month. Fortunately, that month didn't end on a weekend, so we received a whole month of interest that time around.
Crazily enough, the 3 days of interest between "end of month" on Friday May 28th and the actual end of May (5/29, 5/30 and 5/31) were never paid out. Fortunately, they are part of the contract balance and I could technically request they be paid anytime (as we get max 10% withdrawal a year), so there's that..but still..
I was an IT guy pre-retirement, so I'm guessing that their systems are just coded really, really badly. But it still is a disadvantage over something like a CD when you have to frog around with that kind of inconsistency. CDs don't have these issues..MYGAs - depending on the carrier, of course - can.
One other thing to mention is that many MYGAs compound daily. That may seem like an advantage at first, but it's not - because the advertised yield is APY, and you're getting APR compounded daily. If you don't take any $$ out during the year, you'll have accumulated the APY yield in terms of rate * start of year contract value. But if you (like we do) take $$ out in form of regular interest (or other) payments, you won't be getting the full value of the "yield" as you need to leave all $$s in the account throughout the year to have received APY * beginning of year starting balance. And there can be a not insignificant difference. In our case, it was a couple hundred dollars a year, which meant we were actually realizing APY - X% in return (actually APR compounded daily), not APY.
ETA - it'd be pretty nice if the carriers could at least post monthly interest line items. It "should" be easy enough to do the math to calculate the interest credited - HOWEVER - the carrier system also has to update the balance consistently, which is something else I've seen not happen. For instance - just the other day (Sun the 31st), I was seeing "balance as of 7/29" - but it did not match my 7/29 forecast. It DID match my 7/*28* forecast, so I had to assume that what the system was saying was "balance as of 7/29, before we applied 7/29 interest" - ie: pre-interest credit balance vs post-interest credit balance. And there doesn't seem to be any consistency - ie: I can't always assume "balance as of X" date actually means "balance as of X-1 date" because it's been variable. Sometimes the interest shows in the #, sometimes it doesn't. Even if you figure out how ONE carrier's systems work from a logic standpoint, every carrier is likely going to be different..
If these things work for you guys, that's great. But so far, I've found them to be a big disappointment in terms of what we are trying to do - which is simply generate interest in a predictable fashion, have that interest deposited monthly to our checking account to pay the bills, and be able to forecast with accuracy what those interest payment streams will be. Also not a fan of the carrier having a couple hundred K$ of our money for weeks on end when I don't have a contract in my hands, or to even have a contract to review BEFORE they ask me to send a big pile of cash..I've never been in a business deal where money moves BEFORE contracts. Why it's that way with Annuities is beyond me. I've asked Fidelity - they don't know. I even asked Stan himself - HE doesn't know. Both just tell me "that's just the way it's done". Hmmmm..
PS: this was all with a big, Fortune 500 insurance carrier that everyone knows - A++ rated with a Comdex in the high 90s. We've stayed with A++ rated carriers across the board to this point, and all of them have had issues.
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