With a Dosh Strive account, we make it freak-n-easy to level up your money game and get rewarded for your savings. No lock ins, no confusing rules, just grow your balance month on month and get rewarded. Simple.
Bonus interest rate: You can earn up to 4.60%*p.a. interest if your balance on the last day of the month is higher than the last day of the month prior.
Standard interest rate: If your balance is not higher than the last day of the month prior, you will receive the standard interest rate of 1.50%* p.a..
How is interest calculated and when is it paid to me?
Interest is calculated daily and will be paid into your Strive account on the first calendar day of every month.
The bonus interest rate is designed to help motivate you to reach your savings goal without penalising you for making any withdrawals throughout the month. We understand that life happens, and you may need to withdrawal money for an emergency. So, you can make as many withdrawals as you wish, as long as your Strive account balance at the end of the month is higher than the last day of the month prior.
How do we calculate interest?
Interest is calculated daily on the end-of-day balance.
So, 4.60% x EOD balance / 365 days.
At the end of the month, the daily interest earned using this calculation is added up to total the amount of interest payable to the customer.
If your balance has grown by 11:59pm on the last day of the month, you will be paid the bonus interest rate of 4.60%, otherwise you will receive the standard interest rate of 1.5%.
Examples of how bonus interest is earned:
I opened a Strive account and have a balance of $1,000. I plan on adding $100 each month into my Strive without making any withdrawals. Will I receive the bonus interest rate?
Yes, you will receive the bonus interest rate each month as long as your Strive balance is growing each month.
I have a Strive account balance of $2,500 as of April 30th. In May, I transfer $100 out of my Strive account for an emergency and, before the end of May I get paid and transfer $200 into my Strive account. Will I receive the bonus interest rate for May?
Yes, you will receive the bonus interest rate. Although you took money out of your Strive account throughout the month, because your balance as of May 31st is higher than your balance on the last day of April, you’ll be eligible to receive bonus interest.
My Strive account balance is $10,000 and I want to transfer $9,000 out to buy a new car. Will I receive the bonus interest rate for the month?
No, you will not receive the bonus interest rate for that month. You will only receive the standard interest rate as your balance at the end of the month will not be higher than the end of the month prior.
*Interest rate is subject to change
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