DBS Multiplier Account
Standard Chartered JumpStart Account
Asked on 21 Jan 2020
Currently 26yo this year, would this be a good idea considering the recent changes in the DBS Multiplier account? If not the SCB Jumpstart, then which bank account should I be considering?
Please be aware that there are some changes to the DBS Multiplier account from 1 Feb 2020. Salary and dividend credit will be grouped under income category. And cap of $25000 for salary + 1 other category interest rate.
Something you may want to think about after the 12 months recognition for the investment RSP ends.
Definitely yes, as the amount above $50k will be earning next to nothing in yout multiplier account. Transferring them to the SCB Jumpstart account would give you 2% per annum, so why not!
I would say that SCB Jumpstart is a gift to all aged between 18 - 26 years old. So yes, definitely you should open the account now for this low-hurdle savings account.
Additionally, if you have idle cash above the capped amount for DBS Multiplier, then yes, it makes sense to transfer them to the SCB Jumpstart account.
However, it is worth inspecting deeper into your overall portfolio, and also understanding what your objectives (and timelines) are to better guide your decisions with your cash. After all, savings accounts are not the only way to get returns on your money; and in fact, there are instruments out there that can provide better returns (with risk).
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