I'm using DBS multiplier savings account and achieving >2 categories (salary credit, investment RSP, and credit card). Should i transfer the excess (from $50k since that's the cap) to SCB Jumpstarter? - Seedly
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Anonymous

Asked on 21 Jan 2020

I'm using DBS multiplier savings account and achieving >2 categories (salary credit, investment RSP, and credit card). Should i transfer the excess (from $50k since that's the cap) to SCB Jumpstarter?

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?

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Answers (3)

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Shaun WQ Lim

Level 8. Wizard

Answered on 21 Jan 2020

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.

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Thank You!
Can you clarify
I wonder if
This is so helpful 👍
What about

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Yong Kah Hwee

Yong Kah Hwee

Level 8. Wizard

Answered on 21 Jan 2020

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!

0

Thank You!
Can you clarify
I wonder if
This is so helpful 👍
What about

Post

Hi Anon!

I would say that SCB Jumpstart is a gift to all aged between 18 - 26 years old. So yes, de...

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