facebookHi all, currently a 20 yr old. Just opened SCB Jumpstart account but found out that the interest rate has dropped to 1%. Is it still worth it to keep it as a savings account as I will not be needing this money? - Seedly

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Anonymous

03 Jun 2020

βˆ™

Saving Hacks

Hi all, currently a 20 yr old. Just opened SCB Jumpstart account but found out that the interest rate has dropped to 1%. Is it still worth it to keep it as a savings account as I will not be needing this money?

Discussion (6)

If you need liquidity, it is good enough. You can consider SingLife as the 2.5% on the first $10,000 is attractive.

If you do not need it, you can consider investing it into a long-term index fund.
https://www.aaronleow.com/life-budget-calculator
https://www.aaronleow.com/wealth-projection-cal...

You can use the above to calculate your approximate emergency funds as well as a 7% return from an index.

Kenneth Lou

Kenneth Lou

02 Jun 2020

Co-founder at Seedly

Hello! I'm personally using both as well.

I would also suggest to consider all the options when nearing the middle of June before making a decision. Because right now things are pretty fluid with the macro conditions and the banks adapting as well. Who knows new options may appear or products may change as well.

I believe that the SCB JumpStart at a 1% p.a with no frills is actually a decent no-hoop account to hold on to.

And on the other hand SingLife one has been pretty good so far for me, like a savings product, but take note it's a promotional rate only for the first $10k, which yields you $250 a year (2.5% pa). also a nice app with a nice debit card. Can withdraw any time as well. Works like a dime.

You can read more reviews here: https://seedly.sg/reviews/savings-accounts/sing...​​​

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Lin Yun Heng

Lin Yun Heng

02 Jun 2020

Senior Analyst at a Crypto Research & VC Firm

Can continue using. But i am transferring that amouny to Singlife before 1 July. Anyways it will jus...

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