Apr 19 2021, 10:39 AM
QUOTE(DragonReine @ Apr 19 2021, 10:28 AM)
Yes, you've been looking at it the wrong angle.
Your misunderstanding is because you're stuck on the idea of "interest" in the way that it works with savings account/current account/fixed deposit or hybrid accounts like Frank, where it's calculated on monthly average balance/yearly average balance.
Versa/StashAway Simple etc. DO NOT work the same way because you're dealing with money market funds which to end user works like Unit Trust/Mutual Funds, where earnings are paid in the form of distribution based on number of units.
refer back again to my post here, item #4 and #5:
Thanks for the explanation. I'm fine with the way it's supposed to work. I'm stuck because even Versa keeps using the term "interest", even in their FAQ. Such as this screenshot I took :Your misunderstanding is because you're stuck on the idea of "interest" in the way that it works with savings account/current account/fixed deposit or hybrid accounts like Frank, where it's calculated on monthly average balance/yearly average balance.
Versa/StashAway Simple etc. DO NOT work the same way because you're dealing with money market funds which to end user works like Unit Trust/Mutual Funds, where earnings are paid in the form of distribution based on number of units.
refer back again to my post here, item #4 and #5:
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