Asked by Anonymous
Asked 3w ago
Happened to see it today on Moneysmart. This account gives 2% p.a. for the first 20k deposited, with no min deposit, fall below fees and monthly fee... I am wondering if there is a catch?
I saw it also via our community page and it actually does look like something quite good for people under the age of 27 years old (on birth date)
2% for first 20k is not a bad account to be in! Most people moving from CIMB FastSaver to this, from a 1% to a 2% p.a interest rate.
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.
Oh yes, it's a good one. You've left out the 1% rebate on all spends on the debit card. I think SC is really building up its presence. Have you also heard about the eSaver that gives 2% on fresh funds, up to one million? No catch as well. It has definitely lured me away from DBS.
It's like an absolute and foolproof way to assure your 2% p.a, and that's really attractive. Given that it's flexible as well I'd recommend parking your spare funds inside. The only problem is, the requirement to open the account is for 26 y.o and below.