How to maximise savings on the SCB JumpStart Account? - Seedly
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Standard Chartered JumpStart Account

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Asked 2w ago

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)

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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-interest-rate-for-the-scb-jumpstart-actually-work

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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