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

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  • Reviews (690)
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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

* UPDATE Come 1 January 2021, the ever-popular Standard Chartered SCB JumpStart Savings Account is revising its interest rates from 1.00% p.a. to 0.40% p.a.

  • JumpStart is a popular, fuss-free savings account which targets youths and young adults who are between 18 to 26 years old
  • From 1 January 2021, you'll get 0.40% p.a. on your first S$20,000. Before the revisions kicked in, the JumpStart offered 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
Read More about Standard Chartered JumpStart Account
Reviews (690)

4.9

690 Reviews

  • 5
    632
  • 4
    47
  • 3
    5
  • 2
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  • 1
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  • Updated 2w ago

    Purchased

    Standard Chartered JumpStart Account

    Overall a fairly gd no frills savings account for young adults, recommended to open while within ages 18-26 Though interest rate slashed to 1% and other accounts like Singlife offer a higher 2%, its still better than 0.05% and excess monies can be parked here The free 1% cashback debit card is also a nice bonus for debit spending if one doesnt use credit cards. [Application Process] Application is fairly fast and smooth, citizens can use MyInfo to speed up process [Online Banking] SC platform is not easy to navigate, is somewhat laggy and bugs out at times

    2

    Radin Ayuwandira
    Radin Ayuwandira

    2w ago

    So wat if u just park your money there and never used it for spending? will it still accumulate interest?
    Rayner

    2w ago

    Yes it will, its a savings account after all and 1% interest is certainly better than the average 0.05%
    Post
  • Updated on 23 Oct 2020

    Purchased

    Standard Chartered JumpStart Account

    Just open this account when you are young, it is for your own good :P Fuss free with acceptable interest rate at 1% for first $20k.

    0

    Post
  • Updated on 11 Oct 2020

    Purchased

    Standard Chartered JumpStart Account

    Very easy to sign up with (I signed up online). No need to jump through hoops just to get a higher interest rate. It's a good place for people in their 20s to park their emergency savings in and forget.

    0

    Post
  • Updated on 29 Sep 2020

    Purchased

    Standard Chartered JumpStart Account

    [Online Banking] [Terms and Conditions] [Fuss Free] [Customer Service] [Application Process] [Interest] The interest rate is considered good given other banks' interest remain as low as 0.03. highly recommended for individual below 25 to apply to save any extra savings up to 20k

    0

    Post
  • Updated on 24 Sep 2020

    Purchased

    Standard Chartered JumpStart Account

    [Interest] Ever since the interest rates got slashed, I think Jumpstart account has become a less attractive place to park your monies as compared to other alternatives such as Singlife. However, it still offers a good and safe place for people wishing to put their money there after maxing out the 10k figure in Singlife. I personally look forward to when Standard Chartered will review and increase interest rates in the future!

    0

    Post
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Interest Rates for Standard Chartered JumpStart Savings Account

Wondering what the interest rates are like for SCB JumpStart?

Here you go!

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 2020?

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

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 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 compilation of The Best Savings Accounts in 2020

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 JumpStart Account?

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

How to apply for SCB JumpStart Account

  • Apply Online or
  • Visit any Standard Chartered branch to apply in person