Loyalty

The minimum average balance required by BoostMyMoney refers to the minimum amount of funds (Balance) you need to maintain, on average, in your account on a monthly basis. This requirement ensures that you meet the criteria set by BoostMyMoney to progress to another tier and unlock higher multiplier. The calculation of the minimum average balance involves adding up the daily balances of your account over a specific period and dividing it by the number of days in that period.

Here's an example to illustrate how the minimum average balance of RM500 is calculated:

Month: July

Number of days in July: 31

Let's assume your daily balances for each day in July are as follows:

Day 1: RM500

Day 2: RM1200 (Original Balance: RM500, Deposit: RM700)

Day 3: RM1500 (Original Balance: RM1200, Deposit: RM300)

Day 4: RM1500

...

Day 31: RM900 (Original Balance: RM1500, Withdrawal: RM600)

To calculate the minimum average balance, you would add up the daily balances and divide by the number of days:

Total daily balance for July: RM500 + RM1200 + RM1500 + RM1500 + …add daily balances…  + RM900 = RMX (total balance)

Minimum Average Balance for July: RMX (total balance) / 31 (number of days) = RMY

If RMY (the minimum average balance) is equal to or greater than RM500, then you would have met the requirement for that month. However, if RMY is below RM500, you would not meet the minimum average balance requirement and will not receive the loyalty rewards.