Daily rate
From ACT Wiki
The daily rate of interest (or yield) is a quoting convention for the simple interest nominal annual rate for compounding once per day.
For example:
if the quoted daily rate is 5.11%,
the amount of interest compounded daily is
5.11%/365 = 0.014%.
Not to be confused with the annual effective rate, which in this case would be 1.00014365 - 1 = 5.24%.