If you are 18 to 26, this StanChart JumpStart savings account should be the savings account of your choice.
Account Benefits:
- 2% p.a. interest on deposits up to $20,000. 0.1% (the prevailing interest rate) for balances above $20,000.
- No fees and minimum deposit balance required
- 1% p.a. cashback on eligible debit card spendings
Compared Against Other Savings Accounts
The 2 other more popular high-interest savings plans are the OCBC360 (effective interest of 3.45% p.a.) and the DBS Multiplier (up to 3.8% p.a.).
However, for DBS and OCBC, to get higher interest rates from these banks, you need to have performed several eligible transactions.
For example, to earn 2% interest for your first $25,000 from the DBS Multiplier account, you need to credit your salary and transact in at least 1 category (credit card spending, mortgage repayment, insurance, or investment).
However, for the Standard Chartered JumpStart account, there are no transactions required to fulfil to earn the 2% interest.
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