Anyone heard of the 2% p.a. Standard Chartered JumpStart account? - Seedly

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Asked by Anonymous

Asked 3w ago

Anyone heard of the 2% p.a. Standard Chartered JumpStart account?

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?

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Kenneth Lou
Kenneth Lou, Co-founder at Seedly

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Level 8. Wizard
Answered 2w ago

Hey friend!

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.

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BC
Bill Chan

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Level 2. Rookie
Updated 2w ago

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.

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Charmaine Lim Xiaomei
Charmaine Lim Xiaomei

2w ago

Hi Bill, is the age requirement only for registration or will the 2% interest be reduced after account holder hits 27?
Bill Chan

2w ago

To be eligible for the jumpstart account, new applicants must be 18-26 years old. You can continue to maintain the account after 27 years old. You will continue to receive prevailing interest rate which is 2% currently.
Jaycee
Jaycee

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Level 2. Rookie
Updated 2w ago

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.

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Kenneth Lou
Kenneth Lou

2w ago

Yeah does look like SCB is building up presence indeed!
Lee Jin Fei Andre
Lee Jin Fei Andre

()

Level 3. Wonderkid
Answered 2w ago

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.

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