Wednesday, 12 February 2020

Savings Account

Image result for standard chartered
Jumpstart account



The Standard Chartered Jumpstart account is where I put most of my cash right now. This will be a simple breakdown on why I chose this savings account.

PROS

  1. High base interest rate of 2% per year
  2. No fall below fees
  3. Not many T&Cs (Age is the only requirement)
  4. Easy to apply for
  5. Allows money to be withdrawn without penalty

CONS

  1. Capped at $20,000
  2. Only available for those aged 18-26

For more information on this please visit https://www.sc.com/sg/save/savings-accounts/jumpstart


Image result for posb save as you earn
Save As You Earn

Another Savings Account that I am putting my cash in is POSB's SAYE account, this is also another savings account that gives pretty high interest rate however this savings account has a lot more terms and condition which might not be suitable for everyone


PROS

  1. High Interest rate of 2++% depending on the amount you deposit into it every month
  2. Easy to apply for

CONS

  1. Have to save a consistent amount every month
  2. Any withdrawal of cash from this account will cause you to forfeit your interest rate
  3. Interest given will only be for the first 2 years
  4. Plenty of T&Cs that will cause your interest rate to be forfeited









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