Asked on 29 Aug 2019
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.
This is by far the best savings account for youngsters, 2% interest p.a with no other conditions such as salary crediting and minimum deposit/balance/spending. It also comes with a free debit card which offers 1% cashback on all spending, excluding the usual stuff such as transport and fines etc.
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.
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.
06 Sep 2019
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.
Hi, by any chance anyone knows when I would get my debit card for the JumpStart account? Apparently , after my successful application for the account, they sent me an ATM PIN after 4 working days . But thats it and I'm confused as to when I would get the debitcard itself. Anyone can help me out ? oops
Completely no catch at all. I would have go for it if I am within the age limit. In fact, if you own this account, it seems you can even get to enjoy using it for the rest of your life and enjoy the 2% interest rate.
No catch at all. In fact, if you will continue to enjoy the prevailing interest rate (2% on first $20k, 0.1% above $20k) when you hit the age of 27 provided that you have created the account beforehand.
Came across SC jumpstart a month ago (Jan 2020) while researching on the best ways to work with my money as a 21 year old who is still schooling. 2% is really attractive and I have recommended all my friends who fall between 18-26 years old!
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