Standard Chartered JumpStart Account
Asked 2w ago
I'm quite new to all this finance thing, and I just want to understand the 'First $20,000' component. By 'First $20k', do they mean it in a one-time manner? For example in a situation whereby I've exceeded the mark by having $20.1k in the account, but I withdraw $100 out. Would the 2% p.a. continue to be applicable?
Does that mean that once/before I hit the $20k I should start transferring the excess to another account so I can continue to enjoy the 2%? (And let the excess grow in another acc)
This question is no longer accepting new answers because it is locked. What does this mean?
Similar question has been asked and answered several times in the Seedly Q&A.
Here is how the computation is done: https://seedly.sg/questions/how-does-the-interest-rate-for-the-scb-jumpstart-actually-work
No, the interest is not one-time off. Instead, it depends on the daily average balance in your account.
Moreover, balance above the first $20k will earn interest as well. Refer to the above link on how the computation works.
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