Anonymous
Which is advisable? Which is better? What's the pros and cons for both accounts?
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Gabriel
09 Apr 2020
Undergraduate at National University of Singapore
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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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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!