Hi all, currently a 20 yr old. Just opened SCB Jumpstart account but found out that the interest rate has dropped to 1%. Is it still worth it to keep it as a savings account as I will not be needing this money? - Seedly
Seedly logo
Seedly logo
 

Anonymous

Asked on 02 Jun 2020

Hi all, currently a 20 yr old. Just opened SCB Jumpstart account but found out that the interest rate has dropped to 1%. Is it still worth it to keep it as a savings account as I will not be needing this money?

0 comments

4 answers

Answer Now

Answers (4)

Sort by

    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​​​

    1

    Nicholas Jeremy
    Nicholas Jeremy

    03 Jun 2020

    I totally agree
    Thank You!
    Can you clarify
    I wonder if
    This is so helpful 👍
    What about
    Post

    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%

    1

    Nicholas Jeremy
    Nicholas Jeremy

    03 Jun 2020

    Thank You!
    Thank You!
    Can you clarify
    I wonder if
    This is so helpful 👍
    What about
    Post
    Aaron Leow

    Aaron Leow

    Level 8. Wizard

    Answered on 02 Jun 2020

    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.

    https://www.aaronleow.com/life-budget-calculator

    https://www.aaronleow.com/wealth-projection-calculator

    You can use the above to calculate your approximate emergency funds as well as a 7% return from an index.

    0

    Thank You!
    Can you clarify
    I wonder if
    This is so helpful 👍
    What about
    Post
    Boon Peng

    Boon Peng

    Level 6. Master

    Answered on 02 Jun 2020

    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.

    0

    Thank You!
    Can you clarify
    I wonder if
    This is so helpful 👍
    What about
    Post