facebookI recently opened an SC jumpstart account, but I'm looking to study overseas in 2021 which requires more than $15k. Should I transfer this money into the SC account now or keep it in my current DBS account? - Seedly

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Anonymous

27 May 2020

Saving Hacks

I recently opened an SC jumpstart account, but I'm looking to study overseas in 2021 which requires more than $15k. Should I transfer this money into the SC account now or keep it in my current DBS account?

SeedlyTV S2E07

Discussion (2)

What are your thoughts?

May I ask what is your primary concern with putting the money inside SC jumpstart and reason for transferring?

IIRC, most DBS accounts would have lower interest rates than SC jumpstart, hence it would be wise to transfer your money there to compound it, though the effect will be negligent since you are only putting it in for a year haha​​​

What’s the current interest rate on your DBS account?
If it’s higher in the SC jumpstart account, you should.
You could transfer back the money when you need it?

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