facebookAbout 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

Thebanana

04 Apr 2020

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Saving Hacks

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?

Discussion (2)

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Pang Zhe Liang

04 Apr 2020

Fee-Based Financial Advisory Manager at Financial Alliance Pte Ltd (IFA Firm)

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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Hariz Arthur Maloy

03 Apr 2020

Independent Financial Advisor at Promiseland Independent

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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