Nowadays, there are so many different savings accounts that ALL market themselves as having the ‘highest interest guaranteed!’.
Today, I’d be sharing with you my analysis of the DBS multiplier account and Standard Chartered Jumpstart account.
You’d also see a few scenarios for millennials and hopefully one of them fits you.
Quick overview of the various bank accounts.
DBS multiplier account
Eligibility and fees of the DBS multiplier account:
Let’s start off with the DBS multiplier account. To be eligible, you’ll need to be at least 18 years of age.
No initial deposit is required
No monthly account fees charged
No minimum average daily balance required if this is your first DBS account.
If your average daily balance falls below S$3,000 (based on total SGD equivalent of SGD & foreign currency balances), a Fall-below fee of S$5 will be charged. This fee is waived up until 29 years old.
If account is closed within 6 months, Early closure