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Standard Chartered JumpStart Account
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USER RATINGS
Customer Support
Ease of online banking
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.
4.9
693 Reviews
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- Updated 5d ago
Purchased
Standard Chartered JumpStart Account
[Customer Service] Contacted SCB customer support for some account related queries. They were prompt in answering and resolving my questions over the phone. Polite and fast. [Application Process] Application process was seamless and fast via Singpass, account was up and running in less than a week. [Online Banking] Online banking/mobile banking portal is one of the best, if not the best that I have used. No lag time, checking account balances was a breeze. [Interest] Unfortunately due to the current low interest rate environment, the once attractive 2% interest p.a. offered by StanChart has also been slashed to a measly 0.4%. However this does not discredit the account by a huge margin, it is still a fantastic account for students to bank with.0
Post - Updated on 15 Dec 2020
Purchased
Standard Chartered JumpStart Account
It is extremely easy to open an account. Didn't expect to create an account in such a short amount of time. Sadly, the interest is going to decrease again.0
Post - Updated on 15 Dec 2020
Purchased
Standard Chartered JumpStart Account
[Interest] The interest rate use to be quite good. But sadly, it keeps dropping. Planning to pull out my money at the end of the year since not worth after 2021.0
Post - Updated on 11 Dec 2020
Purchased
Standard Chartered JumpStart Account
At the moment, earning 1% interest just by keeping cash inside is good enough. Earned some good interests during my one year with SC. Next month onwards, the interest will drop to 0.4% pa, it will not be wise to keep so much cash in there.0
Post - Updated on 04 Dec 2020
Purchased
Standard Chartered JumpStart Account
With the drop of interest rate to 0.4% come January. No longer a great product at all. 1% rebate is still decent though, for no minimum spend.0
Post
No Question Found.
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 |
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.