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Standard Chartered JumpStart Account

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  • Reviews (698)
  • Questions (0)
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Savings Accounts/Standard Chartered JumpStart Account
Savings Accounts/Standard Chartered JumpStart Account
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USER RATINGS

Customer Support

4.8

Ease of online banking

4.8
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Standard Chartered JumpStart Account

Up to 1% p.a.

INTEREST RATES

$0

MIN. INITIAL DEPOSIT

$0

MIN. AVG DAILY BALANCE

Standard Chartered JumpStart Account

Up to 1% p.a.

INTEREST RATES

$0

MIN. INITIAL DEPOSIT

$0

MIN. AVG DAILY BALANCE

Details

Standard Chartered SCB JumpStart Savings Account Review 2021

  • JumpStart is a popular, fuss-free savings account which targets youths and young adults between 18 to 26 years old.
  • With the Jumpstart account in 2021, you'll get 0.40% p.a. on your first S$20,000. But before the revisions kicked in, the JumpStart used to offer an attractive interest rate of 2.00% p.a.
  • Any incremental balance above the first S$20,000 will be subjected to an interest rate of 0.10% p.a.
  • There's no minimum deposit or salary crediting required which is why it is extremely popular amongst youths and young adults who just entered the workforce
  • Get additional 1% cashback on eligible debit card spends.
Read More about Standard Chartered JumpStart Account
Reviews (698)

4.9

698 Reviews

  • 5
    634
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    50
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    8
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    Most HelpfulMost RecentLow to HighHigh to Low
      Updated 2h ago

      Purchased

      Standard Chartered JumpStart Account

      SC mobile app is easy to use and jumpstart account provided the higher than usual bank rate interest for those that are age 27 and below

      0

      Post

      Updated 20h ago

      Purchased

      Standard Chartered JumpStart Account

      It was good previously with the 2% interest rate and I had used it to store my rainy day funds. However, now with the drop in interest rate (1%), it may be better to lock your funds elsewhere - e.g. low risk roboadvisor portfolio to reap better returns.

      0

      Post

      Updated 21h ago

      Purchased

      Standard Chartered JumpStart Account

      No reason why anyone within the eligible age group of 18-26 should not sign up for this account! (Unless for some reason you already have a lump sum of more than 20K which can be put in another savings account with higher interest rate.) There are no hurdles to qualify for the interest rates compared to other savings accounts, which for someone in that age group can benefit from. For most people this will be a good option to save your monies when starting out, especially if you are still using the basic POSB/DSB savings account that you opened when you were still a child.

      0

      Post

      Updated 1d ago

      Purchased

      Standard Chartered JumpStart Account

      Opening the account is super fast and easy so no complaints there. But the user interface is horrible honestly at this point I'm still confused on what to click to get the information that I want.

      0

      Post

      Updated 1d ago

      Purchased

      Standard Chartered JumpStart Account

      It was extremely easy to start a bank account with Standard Chartered. Only downside is that interest rates have fallen.

      0

      Post

    Questions (0)
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      Interest Rates for Standard Chartered JumpStart Savings Account

      Here are the newest interest rates for

      Account Balance

      Prevailing Interest Rate

      First S$20,000

      0.40% p.a. with effect from 1 January 2021
      (previously 1.00% p.a.)

      Any incremental balances above S$20,000

      0.10% p.a.

      Prevailing Interest Rates for JumpStart Account

      How to Maximise the Interest Rate for SCB JumpStart Savings Account?

      The coolest thing about the SCB JumpStart savings account is that it is fuss-free.

      You don't have to credit your salary, spend anything on SCB credit cards, take on a home loan, or even buy insurance policies and invest in a unit trust just to get the interest.

      All you have to do is deposit any amount of money in your account and you'll be able to enjoy the 0.40% p.a. interest all year round.

      You might wanna cap it to S$20,000 though, as anything else above S$20,000 will only net you 0.10% p.a.

      Even though that's higher than the average bank account's standard 0.05% p.a., you might still wanna consider putting your money somewhere else to really maximise your returns.

      Is JumpStart the Best Savings Account for You in 2021?

      Prior to the interest rates revisions, the JumpStart is a fuss-free savings account that is easy to recommend.

      As long as you're within the age range, it's a no-brainer since it gives a 2.0% p.a. interest without you having to do anything at all.

      Pros

      • There is flexibility in accessing funds anytime (no minimum balance or fall-below fee charged)
      • Competitive interest rates
      • It comes with a debit card, that offers up to 1.00% p.a. cashback on eligible spend, with no monthly or annual fees
      • Convenient and fuss-free online application process

      Cons

      • Does not incentivise spending or other transactions to get more bonus interest
      • Only available for a very narrow age range of 18-26 years olds. Past 26 years old, only existing account holders will be able to continue receiving the prevailing interest rates.

      Even after the revision to 0.4% p.a. on 1 January 2021, it's still a fuss-free savings account worth considering because you don't need to do anything in order to qualify for the interest. You literally just deposit your money in the account and let it grow.

      Considering that most savings account require you to jump through a few hoops or at least deposit a monthly salary, the JumpStart account is worth keeping if you're currently own it.

      Because you can continue to maintain the account and its interest rates even after you turn 27 year old.

      Just wait till the economy improves and the interest rates are restored, and the JumpStart account will easily triumph most savings accounts out there.

      Want to know how SCB JumpStart stacks up against other savings accounts? Here's a comparison of The Best Savings Accounts in 2021!

      Terms and Fees for SCB JumpStart Savings Account

      • Initial deposit: None
      • Minimum Average Daily Balance: None
      • Fall below fee: None
      • Early closure fee: None

      Eligibility: Who Can Apply For the SCB JumpStart Account?

      • Citizenship status: Singaporeans and PRs with a valid SingPass
      • Age range: 18 - 26

      How to Apply for SCB JumpStart Account

      • Apply Online via Standard Chartered's website or Visit any Standard Chartered branch to apply in person

      Contact us at [email protected] should you require any assistance or spot any inaccuracies.