Asked on 02 Jun 2020
This question is no longer accepting new answers 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?
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/singlife-account
Can continue using. But i am transferring that amouny to Singlife before 1 July. Anyways it will just be the first 10k that will be 2.5%. The rest of the amt can sit inside Jumpstart or you can consider another Insuretech called ElastiQ. It's giving an interest rate of 1.8%
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.
Hello there! Yes, you are right. SCB is revising its Jumpstart interest rate to 1% at the start of next month July. If you think the Jumpstart account yield is low, you might want to consider opening a Singlife account which yields 2.5% non guaranteed returns for your first $10,000. You can do a little bit of research first before opening an account with Singlife.