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Anonymous
Does anyone know how much the prevailing interest rate for the SC JumpStart account is once the user hit 27 years old?
Want to know what is the prevailing interest rate for the SC JumpStart account once the user hit 27 years old. Will it still be 2%? Or drop to like 0.1%? Should I consider changing savings account? If yes, which accounts should I be considering?
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Gabriel
20 Mar 2020
Undergraduate at National University of Singapore
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Pang Zhe Liang
02 Mar 2020
Fee-Based Financial Advisory Manager at Financial Alliance Pte Ltd (IFA Firm)
As of now, the prevailing interest rate is 2% per annum for the first $20k balance, and 0.1% per annum for any incremental balance above $20k.
As a result, if you turn 27 years old today, the prevailing interest rate is still as above.
However, ake note that the bank uses the term prevailing interest rate and this may be subjected to change anytime. Hence, there is no guarantee that it works the same next year.
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Even after you are 27 it will remain at 2%, I will definitely advise keeping your money there unless...
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Hey Anon, as for the now, the prevailing interest rate of 2% p.a on your first $20k will continue even after you've passed the age limit. Do keep a lookout for a change of terms should there be!