Standard Chartered JumpStart Account

Interest Rates for Standard Chartered JumpStart Savings Account

Here are the newest interest rates for

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.