How does depositing before or after threshold dates affect MassInterest rates?

Raoul · 13 Mar

Hello, just a question to be sure ; from september 17 (2024) till now there was a very small amount on my savings account. So the threshold point of januari 1 was a very low amount. The next threshold point will be juli 1. Makes it a difference in max. interest (2,67 %) when i put a large amount on this account before or after this date-point (juli 1) ? Thank you

Violet · 13 Mar

Hey Raoul! Thanks for your question!

If your savings threshold was low on January 1, adding a large amount before or after July 1 will affect your interest earnings differently! For more information on MassInterest calculation, feel free to check out this topic: How is my MassInterest calculated and paid out? 🌈

Before July 1:
Depositing a large amount before July 1 will raise your threshold for the next calculation period. This means you'll only earn the base interest rate of 2.01% on the amount up to this new threshold, and the bonus interest rate of 2.67% will only apply to savings exceeding that threshold.

After July 1:
If you deposit a large amount after July 1, your current low threshold will remain unchanged for the following 6 months. This way, you'll earn the bonus rate of 2.67% on everything above that low threshold until the next recalculation on January 1.

Hope this helps! Let me know if you have any more questions 🌟