No catch. Do take note that the 2% p.a. interest rate can be changed at any time, the same goes for other banks. The main limitation is the age requirement which is 18-26 years old allowed to apply. When signing up, it will take 2-3 working days to process your new account. Once processed, you will receive a temporary ID to unlock your jumpstart account. It will take another few working days for your debit card to arrive via mail. Remember to activate your card and set up pin number via the Standard Chartered (SC) mobile app in order to use the available ATM network offered by SC.