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Anonymous
Which is a better option? Monthly deposit in POSB SAYE vs standard chartered jumpstart account?
Hello, I have been depositing $300/month into POSB SAYE account for 14 months amounting to $4539.19 including interest. However, I have recently opened a jumpstart account in jan with $10000 inside.
Which would be a better option? To continue a monthly deposit in the SAYE account until month 24 or put the lump sum of $4539.19 into the jumpstart account with the same monthly deposit?
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Gabriel
20 Mar 2020
Undergraduate at National University of Singapore
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Definitely feel that the standard chartered jumpstart account is better.
the POSB SAYE locks up your money for the 24 months, unless you want this "lock-up" feature (loses liquidity), I do not think it is worth it.
Unless, you have more than $20k that you can put in your standard chartered account, no point having POSB SAYE account :)
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Hey Anon, I believe it would make more sense to use the Standard Chartered Jumpstart account since you'll be able to enjoy 2% interest p.a which will be credited every month as opposed to POSB SAYE where you'll only be able to enjoy a one-time off 2% interest on the accumulated deposits after 2 years. Besides, you get the flexibility instead of having to lock up the funds in SAYE for 2 years.