Anyone here have a standard chartered jump start account? What do you do with the interest money every month?

Hey Anon, you can leave the interest to let it continue to grow and compound even after you've reached the limit of $20k since the interest of 0.10% is slightly higher than the typical 0.05% interest which most other accounts give. If you've another savings account with a similar interest rate, you can transfer to that account but the interest on a small amount won't be significant in my opinion. It all voice down to your personal preference, if you mind the hassle of transferring between different accounts.

As always, it will be important to know two things, 1) your cashflow; and 2) your goals.

Cashflow

Understanding our cashflow helps us to plan for our future. Here is some information about it: https://www.blog.pzl.sg/understanding-your-pers...

Through this process, it allows us to find out whether we need so much liquidity in our bank account. This includes the interest earned.

Goals

If we do not need the interest immediately, e.g. because of too much liquidity, then you may wish to divert part of your funds into other assets that are capable of helping you accumulate your money for the future.

To do this, setting a budget may help you through the process. The best way to do this is via automation and this is how I do mine: https://www.blog.pzl.sg/how-to-create-a-monthly...

For this pot of money, it could be to put into a step-up annuity that is capable to supplement your retirement needs, or investment in well-diversified portfolio that may be able to generate better yield over time to help you reach your intended goals.

All in all, you need to have a well-defind goal so that your money is not wandering around aimlessly.

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