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Anonymous

26 Jul 2020

General Investing

Where should I save my emergency fund so that it will grow?

Currently I’m putting them in jumpstart but the interest rate have dropped. should I close the account?

Discussion (5)

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Elijah Lee

25 Jul 2020

Senior Financial Services Manager at Phillip Securities (Jurong East)

Hi anon,

Jump start account is still a viable place to park funds. You don't have to close it, as for zero-criteria accounts, there isn't anything better. If you are looking for other accounts with no loops to jump through, CIMB Fastsaver is another one to consider.

Beyond that, if you have salary crediting, consider placing it in a high yield savings account where you can meet the bonus interest criteria. You can consider Singlife Account and Singtel Dash Easyearn as well.

Tan Wei Ming

24 Jul 2020

Founder and Writer at Frugal Youth Invests

I will not recommend closing Jumpstart as there is no fees incurred such as fall below.

You can consider Singlife for the first $10k for 2.5%. Depending on how liquid you like your cash to be, you can consider Singtel Dash EasyEarn for the next $20k at 2%.

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