Is the Standard Chartered Jumpstart Account any good? - Seedly
 

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Standard Chartered JumpStart Account

Asked by Anonymous

Asked on 16 Dec 2019

Is the Standard Chartered Jumpstart Account any good?

Any comments on Standard chartered jumpstart account which offers 2% pa interest? Any better bank account to opt for?

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Answers (10)

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Bjorn Ng
Bjorn Ng
Top Contributor

Top Contributor (Jan)

Level 9. God of Wisdom
Answered on 22 Dec 2019

It's great!! Only if you are below 26 though.. 2% pa on 20K.

Apart from that, you can consider DBS Mulipliter or UOB One. I am using both because UOB One do not need salary credit as a main criteria. So my salary is to DBS, and my spending is on my UOB card.

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Hwee Kian
Hwee Kian
Level 7. Grand Master
Answered on 16 Dec 2019

Yes, it's good although I can't apply for it ;)

If you're 26 or below, then I think it's good to stash 20k that offers 2% interest at no lock in and no condition.

Of course there are other banks like DBS Multiplier and UOB One accounts that would earn us higher interest rate, however those are mostly coupled with other criteria to fulfil. So if you like something that's fuss-free, then go for the SCB Jumpstart account.

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Isabel Wong
Isabel Wong
Level 6. Master
Answered on 17 Dec 2019

If you spend less than $500 a month - this account is the best for you (treat it as an FD). If you have more than 20k put the balance in other high interest rates accounts.

If you can meet the min $500 spending then UOB one (it goes well with the card). Make sure you have around 50-75k though. ​​​

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Eveline Lau
Eveline Lau
Level 6. Master
Answered on 16 Dec 2019

I think it's a good bank account to have. I would want to park some spare money there if I could. Personally I'm using UOB One for interest more than 2% though.

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Yanisa Koh
Yanisa Koh
Level 6. Master
Answered on 23 Dec 2019

Yes it's definitely good if you qualify for it!

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VC
Vicki Chng
Level 6. Master
Answered on 17 Dec 2019

It's good but you must be under 26 which sadly I do not qualify for ahaha

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Cedric Jamie Soh
Cedric Jamie Soh, Director at Seniorcare.com.sg
Level 8. Wizard
Answered on 17 Dec 2019

Its only good for the $20,000 savings. If you have more, go for

  • OCBC 360

  • UOB One account

If you tie in any salary crediting and add on to credit card spending (the UOB one card or the OCBC 365 card), then the interest rate will jump to a higher rate​​​

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John Smiths
John Smiths, Tax at Local bank in Singapore
Level 5. Genius
Answered on 16 Dec 2019

Yes if you are a fresh grad 26 and below with a decent starting pay and savings. A good bank account to park S$20,000 in. If you have more savings, can consider using the UOB One, OCBC 365 or DBS Multiplier bank accounts. Since you have a salary credit and could potentially earn a higher interest rate on your savings.

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Choon Yuan Chan
Choon Yuan Chan
Top Contributor

Top Contributor (Jan)

Level 9. God of Wisdom
Answered on 16 Dec 2019

UOB one card or OCBC 360 accounts are better in my opnion (iif you are working).

This is because if you tie it in salary crediting and credit card spending, your interst rate is about 2% as well. For jumpstart, one disadvantage is if you are a 27 year old onwards, the account starts to have charges. This eats off from the promised 2% interested

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Bernard Soh

17 Dec 2019

The account start to have charges? Can share where you get the info? I can't seem to find it.
Shafeeq Hafiz
Shafeeq Hafiz

4w ago

I don't think they are charges + the 2% interest pa still applies after you turn 27 for the first 20k. I suggest just maintaining 20k inside and parking excess funds elsewhere eg. Cimb Fast Saver.

If you fulfil the eligibility requirement and has $20k free cashflow, then you should consider Standard Chartered JumpStart account. This is because you earn 2% per annum interest with no lock-in and related fees.

Personally I'm using UOB One as it gives better rates and benefits overall.

Here is everything about me and what I do best.

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