Are you currently using a DBS Multiplier savings account? You might want to switch over to a Standard Chartered JumpStart savings account instead!
I opened my Standard Chartered account 3 months ago and have been using it ever since, and let me tell you, it’s #MyGoTo savings account now and I have ZERO regrets. Here are the pros and cons of the SC JumpStart account — giving you an unbiased comparison — so that you can make a more informed decision! 🤗
𝐏𝐑𝐎𝐒:
✅ Higher interest rate than DBS Multiplier at 2% p.a. for balances up to $50,000
✅ No minimum deposit or holding balance
✅ No annual/miscellaneous fees for the account and debit card
✅ You can continue to keep the account when you’re over 26 years old
𝐂𝐎𝐍𝐒:
❌ You must be between 18 and 26 years old — this is based on your birth date, so if you’re turning 26 this year, sign up before it’s too late!
❌ Mobile app’s UI is quite user-unfriendly compared to DBS’s incredible and aesthetically pleasing UI
❌ Mobile app has way too many ads, and you’ll be emailed lots of ads, too 👎🏾
❌ Your account balance might not be updated accurately, so you’ll need to check the correct one by going to Account > Transfer
❌ Only a few ATMs, mostly in the CBD area, so withdrawing and depositing cash is a hassle whereas DBS ATMs are widely available
My workaround for the lack of SC ATMs is to withdraw/deposit cash into my DBS account at DBS ATMs, then use my mobile app to transfer from my DBS account to my SC account! It’s a bit troublesome but worth getting a lot more cashback and interest that amounts up to the price of ~2 meals (for me)!!
💡 𝗧𝗜𝗣: Topping up your GrabPay wallet using your SC MasterCard helps you to earn cashback‼️
Despite the annoying cons of having an SC account, I feel that with the amount of potential cashback I’m receiving, it’s damn worth it 😁
➡️ Swiping to the end, you can see that I’ve earned more cashback than I would’ve in DBS, and this is without me spending much, and mostly just topping up my GrabPay wallet 🌚 I hope this was informative/useful to you! Go get that extra ka-ching, zesties 🤑
* Information accurate as of 2 March 2023.
