Standard Chartered JumpStart Account
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Summary
Standard Chartered JumpStart Savings Account Review 2024
JumpStart is a popular, fuss-free savings account suitable for youths and young adults between 18 to 26 years old.
Account Features & Details
1) Key Features
- Earn 2.00% p.a base interest on account balance up to S$50,000
- Earn max interest of 2.50% p.a
- Enjoy additional step-up interest of 0.50% p.a interest on account balances of up to S$50,000 and when you invest with Standard Chartered (category 1 or 2):
- Wealth Quest Category 1: Invest in Unit Trusts or Regular Savings Plan
- Wealth Quest Category 2: Invest in Equities - Enjoy 1% cashback on eligible debit card Mastercard spends capped at S$60 per month
- No minimum deposit balance
2) Interest Rates
- Max interest: 2.50% p.a.
- Base interest: 2.00% p.a. for balances up to S$50,000.
- Step-up interest: 0.50% p.a. for balances up to S$50,000.
3) Eligibility
- Age: Between 18 to 26 years old
- Citizenship: Singaporeans, PRs, and Foreigners
- Minimum initial deposit: N.A
4) Fees
- Minimum average monthly balance: S$0
- Fall below fee: S$0
- Monthly account fee: S$0
5) Application Process
How to apply?
- Apply online through Standard Chartered’s website or in person at any branch
Supporting documents
- Online application with MyInfo: No documents required
- In person
- NRIC (for Singaporeans or PRs)
- Passport / Employment Pass/ Long-term Pass/ Student Pass (for foreigners)
- 3 months’ utilities bills/ 3 months bank statement/ Telco bill/ Tenancy agreement/ Government-issued document stating proof of address
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Summary
Standard Chartered JumpStart Savings Account Review 2024
JumpStart is a popular, fuss-free savings account suitable for youths and young adults between 18 to 26 years old.
Account Features & Details
1) Key Features
- Earn 2.00% p.a base interest on account balance up to S$50,000
- Earn max interest of 2.50% p.a
- Enjoy additional step-up interest of 0.50% p.a interest on account balances of up to S$50,000 and when you invest with Standard Chartered (category 1 or 2):
- Wealth Quest Category 1: Invest in Unit Trusts or Regular Savings Plan
- Wealth Quest Category 2: Invest in Equities - Enjoy 1% cashback on eligible debit card Mastercard spends capped at S$60 per month
- No minimum deposit balance
2) Interest Rates
- Max interest: 2.50% p.a.
- Base interest: 2.00% p.a. for balances up to S$50,000.
- Step-up interest: 0.50% p.a. for balances up to S$50,000.
3) Eligibility
- Age: Between 18 to 26 years old
- Citizenship: Singaporeans, PRs, and Foreigners
- Minimum initial deposit: N.A
4) Fees
- Minimum average monthly balance: S$0
- Fall below fee: S$0
- Monthly account fee: S$0
5) Application Process
How to apply?
- Apply online through Standard Chartered’s website or in person at any branch
Supporting documents
- Online application with MyInfo: No documents required
- In person
- NRIC (for Singaporeans or PRs)
- Passport / Employment Pass/ Long-term Pass/ Student Pass (for foreigners)
- 3 months’ utilities bills/ 3 months bank statement/ Telco bill/ Tenancy agreement/ Government-issued document stating proof of address
Standard Chartered JumpStart Account
Standard Chartered JumpStart Account
Maximum Interest: 2.50% p.a. for balances up to S$50,000
INTEREST RATES
$0
MIN. INITIAL DEPOSIT
$0
MIN. AVG DAILY BALANCE
4.8
782 Reviews
Service Rating
Customer Support
Ease of online banking
High to Low
Posted 17 Jun 2024
Purchased
Standard Chartered JumpStart Account
A simple account to store your savings with no requirements to hit. Great for those who have expenses lower than the spending requirements for the bonus interest in other accounts.0
What are your thoughts?Posted 08 Jun 2024
Purchased
Standard Chartered JumpStart Account
[Fuss Free] - No fees - No lock-in period - No minimum average daily balance or fall-below fee - No requirement for salary crediting - No minimum spends or fees for Cashback Debit Card [Application Process] Easy and simple, took less than 10 minutes to apply via Singpass [Interest and Cashback] Calculated and credited at the end of each month with no hoops [Online Banking] App is easy and straightforward to use [Overall] Recommended for tertiary students looking for a high-interest savings account without a consistent income stream and a debit card with easy to attain cashback0
What are your thoughts?Posted 22 Dec 2023
Purchased
Standard Chartered JumpStart Account
[Fuss Free] Love the 1% cashback and how fuss free it is (especially for a debit card). Great for students. Only bad thing is that must sign up before you pass the age limit0
What are your thoughts?Posted 25 Jul 2023
Purchased
Standard Chartered JumpStart Account
Standard Chartered JumpStart Account is a fantastic banking option tailored for young adults and students. As a user of this account, I am thoroughly impressed with the numerous benefits it offers. The zero minimum balance requirement is particularly helpful for students on tight budgets. Moreover, the seamless online banking experience and mobile app make managing finances effortless. One of the standout features of JumpStart is the attractive interest rate, which helps my savings grow steadily. The account also comes with various discounts and offers from partner merchants, adding extra value to my spending. The only drawback is that physical branches are limited, which can be inconvenient for some users. However, the efficient customer support compensates for this minor inconvenience. Overall, Standard Chartered JumpStart Account is an excellent choice for young adults seeking a user-friendly and rewarding banking experience. It instills financial discipline and serves as a reliable companion throughout the adulting journey.0
What are your thoughts?Posted 18 Jul 2023
Purchased
Standard Chartered JumpStart Account
[Interest] Best interest for students. Easy to use and don't need a high salary. Thought the rate goes up and down it's still one of the best high savings account for those who are younger.0
What are your thoughts?Posted 27 Jun 2023
Purchased
Standard Chartered JumpStart Account
My partner's and I savings almost got lost because we decided to trade with a dubious investment website directed by a crypto broker. I was referred to CYBER GENIE INT'L by a golf buddy that had used their service already recovering his lost funds after being a victim of a romance scam. I got positive results within hours of hiring them luckily, Hence why I said we almost lost our funds to scammers. I recommend them to any person who has fallen prey to any online scam. Superb customer assistance, confidentiality, and above all, positive results. This cyber guru was very effective in guiding me on how to pursue the recovery of our funds. Email: Cybergenie (@) cyberservices (.) com W/A: + 1 (2,5,2) 5,1,2-03,9,10
What are your thoughts?Posted 24 Jun 2023
Purchased
Standard Chartered JumpStart Account
Easy to open an account and it gives you interest rates on money put in. The customer service is good as well0
What are your thoughts?Posted 16 May 2023
Purchased
Standard Chartered JumpStart Account
[Fuss Free] I have been using SCB Jumpstart since my university days and after working for 2 years, I still find it one of the most convenient bank with sufficient support. [Interest] The interest has fluctuated quite a bit especially during the Covid period. But now it’s back to a somewhat decent rate, which allows me to maximise my bank deposit for low risk returns.0
What are your thoughts?Posted 02 May 2023
Purchased
Standard Chartered JumpStart Account
[Interest] As a student with a full-time income, it's one of the better places you can keep your money growing (2%) while keeping it liquid at the same time. [Online Banking] Not the most user-friendly app compared to other finance apps but I use this account to keep my emergency savings so I don't access the app much anyway. *Edit They recently updated the app to be a lot more aesthetically pleasing and user-friendly which kudos to them for listening to feedback!0
What are your thoughts?Posted 28 Mar 2023
Purchased
Standard Chartered JumpStart Account
[Online Banking] Not so sure it's easy to use i would say that i needs more modern design maybe but overall idea i like it a lot.0
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Standard Chartered JumpStart Savings Account
JumpStart is a simple and high-interest savings account that offers a Base interest rate of 2.00% pa and Step-Up interest rate of 0.50% pa if you invest (refer to JumpStart Step Up Interest Terms & Conditions on Standard Chartered's website), for account balances up to S$20,000, all year round.
Interest Rates for Standard Chartered JumpStart Savings Account
Account Balance | Prevailing Interest Rate |
|---|---|
First S$20,000 | 2.00% p.a. |
Step up interest on deposit balances up to $20,000 when you invest | 0.50% 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 2.00% p.a. interest all year round.
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 2022?
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 2.00% 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. Monthly cashback is capped at S$60 per account (which is linked as the primary account to the Cashback debit card).
- 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.
It is 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.
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.
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