What do banks mean by 2.5% on the first 10,000? What if I only have $5,000? Am I still able to earn that 2.5% interest?

This means that for the first $10,000 that you put in the bank, the money will yield an interest rate of 2.5% per annum.

In your case, if you put $5,000, it is part of the first $10,000. Therefore, your $5,000 will yield an interest rate of 2.5% per annum.

On the other hand, if you have $15,000 in the bank, then $10,000 will earn 2.5% per annum. Thereafter, the remaining $5,000 will earn the prevailing interest rate as stated in the account's terms and conditions.

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I'm assuming you are asking about the SingLife 2.50% interest. Yes, you do get 2.5% on your $5000 that u deposited. Do note that interest for SingLife savings plan is calculated daily and credited monthly. The monthly credited interest will not necessarily be the last/first day of the month, but rather will depend on when you open your account and deposit your money.

Let's say you deposit $5000 on the 9th June, u will receive ~$10.41 credited on 9th of July.

Hope that helps!