This post is no longer accepting new comments because it has been merged with Seeing that Standard Chartered Jumpstart and OCBC 360 interest rates p.a. have been cut effective from July 1, where should I jump to for my savings?
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.
You can use the above to calculate your approximate emergency funds as well as a 7% return from an index.
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
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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Standard Chartered JumpStart Account
Up to 1% p.a.
MIN. INITIAL DEPOSIT
MIN. AVG DAILY BALANCE
DBS/POSB Multiplier Account