facebookI have $10,000 savings and 24yrs old can anyone advice on this: Singlife (2.5%) or SC Jumpstart (2%)? - Seedly

Anonymous

04 May 2020

Saving Hacks

I have $10,000 savings and 24yrs old can anyone advice on this: Singlife (2.5%) or SC Jumpstart (2%)?

Which is advisable? Which is better? What's the pros and cons for both accounts?

Discussion (3)

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Gabriel

09 Apr 2020

Undergraduate at National University of Singapore

Hey Anon, why not open both?

1) Singlife Account

Pros: 2.5% interest p.a for now with no other terms and conditions or penalties

Cons: Returns are not guaranteed and is subject to changes, which they'll inform via email

2) SCB Jumpstart

Pros: You'll still get 2% interest even after you pass 26 years old, no minumum deposit/spending etc.

Cons: 2% interest p.a only applies to the first $20k deposits

If I were you, I'll put my funds in Singlife to earn the higher interest and open SCB Jumpstart at the same time to secure the interest rate, so that I'll have the flexibility of moving my funds around should Singlife announce a change of interest rate. Ultimately, it depends if you're willing to go through the hassle of transferring the funds accordingly.

For me, I put my emergency funds/life savings in Singlife account (not meant to touch/spend) and a small sum in SCB Jumpstart for expenses as it also comes with a free debit card which offers 1% rebate.

Hope this helps!

HC Tang

06 Apr 2020

Financial Enthusiast, Budgeting at The Society

Jumpstart 2% since you're qualify before 26 years old and up to 20k savings is guaranteed 2%.

On the other hand, Singlife 2.5% is only for first 10k savings and up to the first 20k customer, but MOST importantly, returns is NON-guaranteed.

Thus save up to 20k first in Jumpstart and find other accounts , observe Singlife when you have above 20k wish to save in these high interest saving account, if it still grants 2.5% then, you can put in 10k for testing out.

Happy Savings ! :)

Cheers!

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