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Savings Accounts/Standard Chartered JumpStart Account
Savings Accounts/Standard Chartered JumpStart Account
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Summary

Standard Chartered SCB JumpStart Savings Account Review 2022

  • 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 2022, you'll get 0.50% p.a. on your first S$20,000.
  • Any incremental balances 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. Monthly cashback is capped at S$60 per account (which is linked as the primary account to the Cashback debit card).
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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

Reviews (751)

4.8

751 Reviews

5
658
4
71
3
14
2
3
1
5

Service Rating

Customer Support

4.8

Ease of online banking

4.8
      Posted 23 Jun 2022

      Purchased

      Standard Chartered JumpStart Account

      [Customer Service] good CS [Interest] Good interest rate although it has been lowered already. [Terms and Conditions] [Application Process] process is very simple and easy to navigate through

      0

      What are your thoughts?

      Posted 06 Jun 2022

      Purchased

      Standard Chartered JumpStart Account

      It is a fuss free account with relatively high interest rates even without requirements such as salary credit and min spending. If you are able to meet those requirements, the other local bank accounts would be better in returns + having the convenience of more ATMs.

      0

      What are your thoughts?

      Posted 01 Jun 2022

      Purchased

      Standard Chartered JumpStart Account

      [Fuss Free] [Customer Service] They are rather quick and patient to respond to calls. [Online Banking] It is pretty simple and user friendly. [Application Process] It took me about 5-10 mins.

      0

      What are your thoughts?

      Posted 16 May 2022

      Purchased

      Standard Chartered JumpStart Account

      [Fuss Free] Rather easy to open an account via the mobile application. [Interest] Relatively higher interest rates compared to other banks like DBS/OCBC but definitely not as high as those saving plans by Singlife and Singtel Dashpet.

      0

      What are your thoughts?

      Posted 07 May 2022

      Purchased

      Standard Chartered JumpStart Account

      [Others] In general everything is okay, but if there's technical issue i think you can just give up. 1 month contacting customer service, the issue is still not resolved. They got contact back but... waiting time for an email reply is about 3 working days which is actually normal but imagine them handing over to so many teams and still not getting anything resolved. From a Customer POV, the tech team cannot make it.

      0

      What are your thoughts?

      Posted 11 Apr 2022

      Purchased

      Standard Chartered JumpStart Account

      [Interest] Honestly the best savings account for students and those 26 and under [Application Process] Had this account for a while now but remembered back then it took about 5 mins to set up the account

      0

      What are your thoughts?

      Posted 19 Mar 2022

      Purchased

      Standard Chartered JumpStart Account

      Have been having the account for a long time, it's great, gain some interest every month, just that interest rate has decreased from when I first started using

      0

      What are your thoughts?

      Posted 13 Mar 2022

      Purchased

      Standard Chartered JumpStart Account

      [Application Process] The application was straitghtforward and easy. It was approved within 1 working day, [Interest] It is very good for student as it is the highest as compared to other bank account.

      0

      What are your thoughts?

      Posted 05 Mar 2022

      Purchased

      Standard Chartered JumpStart Account

      Online banking with standard charted may be abit obscure sometimes due to requiring to call them for certain operations which other banking apps can do online, however, this way feels more secure and results in less worrying for the funds placed inside the account. Nonwithstanding, transferring money and payment by the credit cards are easily done and managed, which can result in a fuss free shopping experience.

      0

      What are your thoughts?

      Posted 03 Mar 2022

      Purchased

      Standard Chartered JumpStart Account

      [Terms and Conditions] The Barrier of entry might be too high for students to participate in savings plan. It would be better for the company to create another platform catering for youths to improve their financial literacy and savings skills.

      0

      What are your thoughts?

    Discussions (0)

      No Posts Found.

      Standard Chartered JumpStart Savings Account

      JumpStart is a simple and high-interest savings account that offers a Base interest rate of 0.50% 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

      0.50% 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 0.50% 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 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 0.50% 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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