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

Asked on 29 Aug 2019

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
Level 9. God of Wisdom
Answered on 05 Sep 2019

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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šŸ‘ 3
Gabriel
Gabriel
Level 8. Wizard
Answered on 06 Mar 2020

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.

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Lee Jin Fei Andre
Lee Jin Fei Andre
Level 4. Prodigy
Answered on 06 Sep 2019

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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BC
Bill Chan
Level 3. Wonderkid
Updated on 06 Sep 2019

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.

2 comments

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Charmaine Lim Xiaomei
Charmaine Lim Xiaomei

06 Sep 2019

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

06 Sep 2019

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
Level 2. Rookie
Updated on 05 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.

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Kenneth Lou
Kenneth Lou

05 Sep 2019

Yeah does look like SCB is building up presence indeed!
MH
Matin Hidir
Level 2. Rookie
Answered on 24 Apr 2020

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

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Bill Chan

24 Apr 2020

Hi Matin, it will take another few working days to receive your debit card by mail. I received my debit card within 1 week.
Matin Hidir

27 Apr 2020

Okay thanks Bill, just received by debit card .
Rais M
Rais M, Accountant at SME
Level 7. Grand Master
Answered on 09 Mar 2020

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.

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Geraldo L.
Geraldo L.
Level 7. Grand Master
Answered on 09 Mar 2020

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.

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MT2020
MT2020
Level 7. Grand Master
Answered on 06 Mar 2020

The best part is that there Is no catch. However you need to be between the age of 18 -26 to be able to create an account.

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RN
Rachel Ng
Level 2. Rookie
Answered on 16 Feb 2020

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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