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

Standard Chartered JumpStart Account

Thebanana

# 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%.