Anonymous

23 Mar 2020

∙

How to maximise savings on the SCB JumpStart Account?

I'm quite new to all this finance thing, and I just want to understand the 'First $20,000' component. By 'First $20k', do they mean it in a one-time manner? For example in a situation whereby I've exceeded the mark by having $20.1k in the account, but I withdraw $100 out. Would the 2% p.a. continue to be applicable?

Does that mean that once/before I hit the $20k I should start transferring the excess to another account so I can continue to enjoy the 2%? (And let the excess grow in another acc)

Standard Chartered JumpStart Account

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Pang Zhe Liang

23 Mar 2020

Fee-Based Financial Advisory Manager at Financial Alliance Pte Ltd (IFA Firm)

Similar question has been asked and answered several times in the Seedly Q&A.

Here is how the computation is done: https://seedly.sg/questions/how-does-the-intere...

No, the interest is not one-time off. Instead, it depends on the daily average balance in your account.

Moreover, balance above the first $20k will earn interest as well. Refer to the above link on how the computation works.

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I'm a student & working part time. I try to save 20% of pay each month. Is scb jumpstart a good account to credit my salary and for savings? Is it easy to transfer to other bank accounts such as POSB?

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?

Would $100/mth be better off in an RSS plan (DBS Invest saver) or a high-interest savings account (i.e. SCB Jumpstart, CIMB)?

I'm using DBS multiplier savings account and achieving >2 categories (salary credit, investment RSP, and credit card). Should i transfer the excess (from $50k since that's the cap) to SCB Jumpstarter?

Would it be better to move my savings to SingLife for the 2.5% given that SCB Jumpstart account has halved their interest rate?