Standard Chartered JumpStart Account Reviews and Comparison - Seedly
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Standard Chartered JumpStart Account

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  • Reviews (614)
  • Questions (21)
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Savings Accounts/Standard Chartered JumpStart Account

USER RATINGS

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Customer Support

4.9

Ease of online banking

4.9

Standard Chartered JumpStart Account

Up to 2% p.a.
INTEREST RATES
None
MIN. INITIAL DEPOSIT
None
MIN. AVG DAILY BALANCE

    Standard Chartered JumpStart Account

    Up to 2% p.a.
    INTEREST RATES
    None
    MIN. INITIAL DEPOSIT
    None
    MIN. AVG DAILY BALANCE
Reviews (614)

4.9

614 Reviews

  • 5
    577
  • 4
    28
  • 3
    2
  • 2
    1
  • 1
    0

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fuss free

application process

jumpstart account

account save

standard charter

bank online

debit card

open account

customer service

salary credit

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  • Updated 2d ago

    Purchased

    Standard Chartered JumpStart Account

    [Fuss Free] Application online is fast and easy, totally no frustration at all compared to doing at the bank. Online security feature is good but may need a bit more steps to confirm to gain entry. For the 2% interest, why not! lol
    0 comments
    0
  • Updated 2d ago

    Purchased

    Standard Chartered JumpStart Account

    Pros: Gives 2% interest and has no minimum deposit. The debit card also gives cash back. Can’t think of any cons. It’s a good savings account the get if you are within the age range
    0 comments
    0
  • Updated 2w ago

    Purchased

    Standard Chartered JumpStart Account

    [Fuss Free] It is very easy to apply [Terms and Conditions] 18- 27 years old [Online Banking] Yes and can paywave too [Customer Service] Customer service is very good and fuss free [Salary Crediting] You can credit your salary into your account [Others]
    0 comments
    0
  • Updated 2w ago

    Purchased

    Standard Chartered JumpStart Account

    [Fuss Free] [Application Process] Application was really fast and easy. You can create this account within 10mins using a laptop. However this account is only available for people who are 18-26 y/o. Pretty good account to encourage students to start saving with their attractive 2% per annum interest rate!
    0 comments
    0
  • Updated 2w ago

    Purchased

    Standard Chartered JumpStart Account

    Easy and fast application, especially since it is for young adults from ages 18-26. Some may be new to saving plans, so this start up was really simple.
    0 comments
    0
Questions (21)

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Savings Accounts

Savings

Investments

Standard Chartered JumpStart Account

Alvin Teo
Alvin Teo
Level 6. Master
Answered 3h ago
Emergency funds first and foremost requires the money to be accessible anytime and can withdraw anytime without any consequences and quickly. As such, a savings bank accounts fits this rather than low risk investments. Not only SSB takes slightly longer to withdraw than regular bank accounts, it’s returns if subscribed now is much lower than accounts like multiplier or jumpstart account or Uob one.
👍 0

Stocks Discussion

ETF

Standard Chartered JumpStart Account

DBS Vickers Securities

Savings Accounts

Before your start investing, it will always be helpful to go back to the basics - understand your cashflow. Here is some basic information: https://www.blog.pzl.sg/understanding-your-personal-cash-flow/ Next, ensure that you are properly insured especially in terms of healthcare insurance. While we chase after our financial goals, do not forget the engine of this race - which is you! Thereupon, ensure that you are adequately covered in case of any health changes. Everyone wants to be healthy, but life is unpredictable. Thereafter, keep what you need in the bank, which is usually about 3 to 6 months your monthly expenses (as explained in the link above on understanding your cash flow). For the money that you can 'afford to lose', this money can be invested. This is simply because investment returns are non-guaranteed. I share quality content on estate planning and financial planning here.
👍 0

DBS Multiplier Account

Standard Chartered JumpStart Account

If you are between 18 to 26 years old, then you should consider Standard Chartered JumpStart account. 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 a start. Alternatively, you may consider CIMB FastSaver. This is because it gives an interest rate of 1% per annum for the first $50k account balance. In like manner, there is no monthly fee associated with maintaining the account. Hence, it is worth taking a look as well. Beyond that, you will need to evaluate whether you need so much short term liquidity. Here is everything about me and what I do best.
👍 0

Standard Chartered JumpStart Account

Savings

Savings Accounts

Similar question has been asked and answered several times in the Seedly Q&A. Here is how the computation is done: https://seedly.sg/questions/how-does-the-interest-rate-for-the-scb-jumpstart-actually-work No, the interest is not one-time off. Instead, it depends on the daily average balance in your account. Moreover, balance above the first $20k will earn interest as well. Refer to the above link on how the computation works. I share quality content on estate planning and financial planning here.
👍 0

Standard Chartered JumpStart Account

Savings

Savings Accounts

As of now, the prevailing interest rate is 2% per annum for the first $20k balance, and 0.1% per annum for any incremental balance above $20k. As a result, if you turn 27 years old today, the prevailing interest rate is still as above. However, ake note that the bank uses the term prevailing interest rate and this may be subjected to change anytime. Hence, there is no guarantee that it works the same next year. Here is everything about me and what I do best.
👍 1

POSB SAYE Account

Standard Chartered JumpStart Account

Savings Accounts

Loh Jian Rong
Loh Jian Rong
Level 3. Wonderkid
Answered on 27 Feb 2020
Definitely feel that the standard chartered jumpstart account is better. the POSB SAYE locks up your money for the 24 months, unless you want this "lock-up" feature (loses liquidity), I do not think it is worth it. Unless, you have more than $20k that you can put in your standard chartered account, no point having POSB SAYE account :)
👍 2

Savings

Standard Chartered JumpStart Account

Savings Accounts

Gabriel
Gabriel
Level 8. Wizard
Answered 2w ago
Hey Anon, you can leave the interest to let it continue to grow and compound even after you've reached the limit of $20k since the interest of 0.10% is slightly higher than the typical 0.05% interest which most other accounts give. If you've another savings account with a similar interest rate, you can transfer to that account but the interest on a small amount won't be significant in my opinion. It all voice down to your personal preference, if you mind the hassle of transferring between different accounts.
👍 0

Standard Chartered

Standard Chartered JumpStart Account

Savings Accounts

Jia Hao Liew
Jia Hao Liew
Level 3. Wonderkid
Answered on 23 Jan 2020
It's 2% per year. You get interest on the last working day of each month if I'm not wrong.
👍 2

Savings

Standard Chartered

Standard Chartered JumpStart Account

Savings Accounts

Gabriel
Gabriel
Level 8. Wizard
Answered 2w ago
Hey Anon, yea you should seize the opportunity and open the account since the interest of 2% p.a is said to continue even after your pass the age of 26. Besides, there's no minimum balance, deposit or other fees. Just ensure to there's some form of transactional activity since most banks will automatically close your account if it's inactive for 6 months.
👍 0

Standard Chartered JumpStart Account

Debit Cards

Gabriel
Gabriel
Level 8. Wizard
Answered 2w ago
Hey Anon, the Standard Chartered debit card is under Mastercard. In my opinion, there's no good or bad since both Master and Visa is widely accepted by merchants all around the world. Moreover, SCB's debit card comes with 1% cashback with no minumum spending or whatsoever
👍 0
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How to maximise the interest rate for SCB JumpStart Savings Account?

Base interest rate(%) p.a.

The base interest rate per annum for SCB JumpStart savings account is 2.00% p.a. for account balances up to S$20,000, all year round.

Benefits from SCB JumpStart Savings Account

There is flexibility in accessing funds anytime and earn competitive interest rates. It also comes with a Cashback debit card with no monthly or annual fees.

Terms and fees for SCB JumpStart Savings Account

  • Initial deposit: None
  • Citizenship status: Singaporeans and PRs with a valid SingPass
  • Minimum age to open account: 18
  • Maximum age to open account: 26
  • Minimum Average Daily Balance: None
  • Fall below fee: Free
  • Early closure fee: Free