Standard Chartered JumpStart Account
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Here are the newest interest rates for
Prevailing Interest Rate
0.40% p.a. with effect from 1 January 2021
Any incremental balances above S$20,000
Prevailing Interest Rates for JumpStart Account
The coolest thing about the SCB JumpStart savings account is that it is fuss-free.
You don't have to credit your salary, spend anything on SCB credit cards, take on a home loan, or even buy insurance policies and invest in a unit trust just to get the interest.
All you have to do is deposit any amount of money in your account and you'll be able to enjoy the 0.40% p.a. interest all year round.
You might wanna cap it to S$20,000 though, as anything else above S$20,000 will only net you 0.10% p.a.
Even though that's higher than the average bank account's standard 0.05% p.a., you might still wanna consider putting your money somewhere else to really maximise your returns.
Prior to the interest rates revisions, the JumpStart is a fuss-free savings account that is easy to recommend.
As long as you're within the age range, it's a no-brainer since it gives a 2.0% p.a. interest without you having to do anything at all.
Even after the revision to 0.4% p.a. on 1 January 2021, it's still a fuss-free savings account worth considering because you don't need to do anything in order to qualify for the interest. You literally just deposit your money in the account and let it grow.
Considering that most savings account require you to jump through a few hoops or at least deposit a monthly salary, the JumpStart account is worth keeping if you're currently own it.
Because you can continue to maintain the account and its interest rates even after you turn 27 year old.
Just wait till the economy improves and the interest rates are restored, and the JumpStart account will easily triumph most savings accounts out there.
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