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%? - Seedly
 

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DBS Multiplier

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Asked by Anonymous

Asked on 04 Dec 2019

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%?

Just opened a DBS multiplier account but only crediting my salary. Asking this question as I’m slightly uncomfortable moving most of my savings to a bank (StanChart) that I’m unfamiliar.

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Just not that only the first $20k in SCB JumpStart gets the 2% interest, anything above that is 0.1%.

This means the $400 interest you earn per year would need to be moved out for it to work harder.

So I'll keep $20k in SCB but keep transferring any amount above $20k elsewhere.

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Jasmine Goh
Jasmine Goh
Level 4. Prodigy
Answered on 04 Dec 2019

Agree on maxing the $20k limit! This 2% from SCB is an easy one with no criteria other than age.

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峻豪
峻豪
Level 3. Wonderkid
Answered on 04 Dec 2019

I would recommend you to move to SCB Jumpstart account as it gives you 2% fuss free without the need of any criteria as long as you are below 26. Max the $20K limit and the rest like your salary and monthly SCB interest put it to the DBS Multiplier if you can meet the requirements to gain better interest. If not do consider CIMB Fastsaver.

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