Standard Chartered JumpStart Account
Asked on 01 Feb 2020
I have deposited $5000 into my SCB Jumpstart account on 19 Nov. According to my calculations I should have gotten $8.33 for interest on 30 Nov but I only received $3.29. Does the date that I deposited on affect my interest? If yes, how should I calculate so that I can get the 3.29?
The date of deposit definitely does affect the amount of interest you'll get as the JumpStart account calculates interest on a daily basis but credits it at the end of the month.
So in your case, no interest was earned from 1 Nov - 18 Nov since you have yet to deposit anything.
Your daily interest would have been (2% x $5,000)/365 = $0.2739, given that your deposit was done on 19 Nov, you accumulated 12 days of interest, $0.2739 x 12 = $3.286, aka. $3.29.
Hope this helps!