How do you calculate exactly how much savings interest you will receive? - Seedly
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Standard Chartered JumpStart Account

Anonymous

Asked on 01 Feb 2020

How do you calculate exactly how much savings interest you will receive?

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?

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Jacqueline Yan
Jacqueline Yan, Content Strategist at Seedly
Level 5. Genius
Updated on 04 Feb 2020

Hi anon!

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!​​​

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Shafeeq Hafiz
Shafeeq Hafiz

10 Feb 2020

Thank you so much for this!