I'm a student & working part time. I try to save 20% of pay each month. Is scb jumpstart a good account to credit my salary and for savings? Is it easy to transfer to other bank accounts such as POSB? - Seedly
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Standard Chartered JumpStart Account

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Anonymous

Asked on 09 Mar 2020

I'm a student & working part time. I try to save 20% of pay each month. Is scb jumpstart a good account to credit my salary and for savings? Is it easy to transfer to other bank accounts such as POSB?

What are the best savings accounts for students? Is SCB Jumpstart really the best for those under 26?

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Gabriel
Gabriel
Level 8. Wizard
Answered on 20 Mar 2020

Hey Anon, the SCB Jumpstart account is the best savings account for youngsters in my opinion as it offers 2% interest p.a with no other conditions such as salary crediting and minimum deposit/balance/spending. It works like any other bank and is also insured under the SDIC for deposits up to $75k. I've been using it since it was introduced and I have no complains nor regrets. It is both a good account for your salary and savings as well as easy to transfer funds to other banks.

On a personal note, I've moved all of my funds over to JumpStart from DBS (which I've been using for many years) and it is now my main account on a daily basis for my expenses etc. The iBanking platform, both website and mobile is also very user-friendly, looks aesthetically pleasing and gets the job done! Honestly, I think it is on par or maybe even better than DBS.

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

SCB Jumpstart is a good account for your situation. It should come with internet banking, if not you should request for it, and performing transaction into other bank account's shouldn't be an issue.

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Davin
Davin
Level 7. Grand Master
Answered on 09 Mar 2020

Yes, SCB jumpstart is a high yield saving account at 2%pa, and its easy to transfer to any banks in Singapore as long as you have the online banking account.

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Yes, it is a good account for the start. This is because it gives an interest rate of 2% per annum for your first $20k balance. Furthermore, there is no fees and minimum balance required in order to maintain the account.

Moreover, it comes with a debit card that gives you 1% cashback on eligible spending. With this in mind, it is certainly a worthy account for you.

Yes, inter-bank transfers work the same. In detail, you can use FAST for same-day transfer. All you need to do is to set up the digital token on your phone.

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Lky
Lky
Level 4. Prodigy
Answered on 09 Mar 2020

Yes I believe it may be difficult to beat 2% with part time salary so you can focus more on studying and working without jumping hoops for HISA.

You can use SCB as savings acct and instantly transfer money via FAST, PayNow etc to other bank accts (current acct) for withdrawal when the need arises.

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Andy Sim
Andy Sim, HR Professional at a Financial Institution
Level 7. Grand Master
Answered on 09 Mar 2020

Yes Jumpstart is a good account - 2% for the amount up to 20k. If you have anything in excess, you can try opening CIMB Fastsaver to earn 1% on your savings. Transferring to other banks is easy, same as all other banks. I'm not sure how much salary you credit but you can try DBS Multiplier or OCBC 360 account.

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