With the decrease in SCB Jumpstart's interest rate to 0.40% from 1%, what are some alternative options to grow emergency savings?

UPDATE: June 2021

There have been several revisions in interest rates since the start of the year, hence do take a look at Endowus's Cash Smart portfolio.

Hopefully your studies have went well!

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Hello there!

Do have a go at Singlife! There's a minimum account value of $100 and receive up to 2% interest per annum for your first $10k deposited.

For withdrawals in cash, Singlife's Fast and Secure Transfer ('FAST') allows you to transfer funds from your Singlife account to your personal bank account almost instantly.

Singlife also offers a debit card option that incurs zero financial fees and annual fees.

There are insurance benefits as well! Do check out Singlife's website for more info: https://singlife.com/manage/

All the best for your studies!​​​

You can find a list of high interest accounts and products here.

Hi there,

You can consider Singlife. But do note that they have been revising their interest rates gradually and we do not know the full extent of how much they'll revise it. Otherwise you can consider getting a savings plan that allows you to make partial withdrawal. It typically comes with a maturity bonus and non-guaranteed interests.

Financial planning is an integral part of life. You can reach me here to find out more.

Hey there! Singlife is definitely a good option, with also a bonus of 0.5% p.a with a min. spend of $500 from 1 Nov 2020 till 28 Feb 2021.

However, do note that SCB Jumpstart comes with a 1% cashback(capped at $60) so you'd have to weigh the odds of each! E.g. you can offer your card to make a big purchase on items you'd be reimbursed. Personally I do help my boss make purchases first, so I'm reimbursed the full amount and an additional 1% of whatever I paid! ​​​