You plan to invest some money in a bank account. Which of the following banks provides you with the highest effective rate of interest?

Bank $1$; $6\mathrm{.}1\%$ with annual compounding.

Bank $5$; $6\mathrm{.}0\%$ with daily $(365-$day$)$ compounding.

Bank $4$; $6\mathrm{.}0\%$ with quarterly compounding.

Bank $3$; $6\mathrm{.}0\%$ with annual compounding.

Bank $2$; $6\mathrm{.}0\%$ with monthly compounding.