Hi, how does the Standard Chartered Jumpstart account works? Can anyone illustrate what happens for eg. if I have $1000 in my account and credit $100 per month of my salary?

The interest is calculated at the end of each day and credit to your account at the end of each month.

Assuming that you keep $20k in your account everyday for one month, you will receive an interest of $20,000 x 1%/12 = $16.667

Thereafter, take note that balance above $20k will earn an interest rate of 0.1% per annum.

Hence, if you keep $20,016.66 for the second month, you will get

$20,000 x 1%/12 + $16.66 x 0.1%/12.

And the mathmatics continue accordingly.

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It's 1% p.a. but the interest is credited monthly and should be based on the daily average balance.

If you credit $100 on the 1st day of the month, the interest is based on $1,100 i.e. 1% divided by 12 (# months in a year). For the next month, the interest will be based on $1,200 plus the interest gained from the previous month and so on.

On the other hand, if you credit $100 in the middle of the month (e.g. 15th), then the interest should be based on around $1,050.