About the standard chartered jumpstart account, it's 2% interest p.a right? Meaning if I have 20k in my account I'll get 400$ for the year that will be split up and credited monthly into my account? - Seedly
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Standard Chartered JumpStart Account

Thebanana

Asked on 03 Apr 2020

About the standard chartered jumpstart account, it's 2% interest p.a right? Meaning if I have 20k in my account I'll get 400$ for the year that will be split up and credited monthly into my account?

So am I right to say that if I have 20k in my account I'll get about 33. 33$ interest every month?

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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 2%/12 = $33.33

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

Hence, if you keep $20,033.33 for the second month, you will get

$20,000 x 2%/12 + $33.33 x 0.1%/12.

And the mathmatics continue accordingly.

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Interested is credited monthly so its 2/12% per month, but note that the interest remains in the account, and anything above 20k doesn't get the 2%.

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