I have $20,000. Should I a) apply for a POSB Everyday credit card to increase my interest rates to 1.85%, or b) move my funds to StanChart Jumpstart account for 2%?

Can consider Sif, RHB, CIMB, OCBC 360, SingLife or Trust Bank.

Why not both!

I am putting $20k in SCB JumpStart and salary credited to DBS Multiplier. POSB Everyday is not my main card so I make a small payment (e.g. public transport using SimplyGo) every month to satisfy the CC category.

SCB JumpStart is SDIC protected and you can access your savings easily by transferring to DBS via FAST or PayNow.

You should move your funds to standard chartered jumpstart to get the 2% interest. As i believe you are still quite young, there is no need to apply for a credit card at this point in time.

Hi Anon, you can maximise the 20K into SCB Jumpstart account and don't touch it. Remain your salary crediting into your Multiplier, apply for a cc to earn higher interest (since there's no min spend) and accumulate your money there again. So in essence you'll have 2 bank accounts.

Banks in SG are generally safe. Your Jumpstart account is also SDIC insured up to 75K so don't worry about it :)