facebookDoes anyone know how much the prevailing interest rate for the SC JumpStart account is once the user hit 27 years old? - Seedly

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Anonymous

08 Jun 2021

Saving Hacks

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?

Discussion (6)

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Gabriel

20 Mar 2020

Undergraduate at National University of Singapore

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!

Pang Zhe Liang

02 Mar 2020

Senior Financial Services Consultant at AIA Singapore Private Limited

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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