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.
4.8
739 Reviews
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- Posted 10d ago
Purchased
Standard Chartered JumpStart Account
[Online Banking] The app is very old fashioned and slow [Application Process] But at least application is fast. [Interest] Highest there is in the market0
What are your thoughts?Reply
- Posted 27 Dec 2021
Purchased
Standard Chartered JumpStart Account
Used this to store my funds saved for uni tuition fees, as the interest was the highest at that time. Easy sign up process, got the debit card as well. UI of app could be better, to navigate to the account. But otherwise, nothing to complain about! Pleased.0
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- Posted 29 Oct 2021
Purchased
Standard Chartered JumpStart Account
[Interest] Interest for normal savings account went down from its initial 2%. Furthermore, provides a debit card with cashback of 1% on most the things. Not bad for a student debit card/acc0
What are your thoughts?Reply
- Posted 26 Oct 2021
Purchased
Standard Chartered JumpStart Account
[Interest] Interest is pretty decent went compared to a normal savings account. Furthermore, provides a debit card with cashback of 1% without any min spend. Not bad if you don't spend much during the month.0
What are your thoughts?Reply
- Posted 24 Sep 2021
Purchased
Standard Chartered JumpStart Account
Signup process was fast and seamless and I applied for this back when they were offering higher interest rates. Customer service was very kind to explain the T&Cs to me and knowledgeable as I was at the borderline age for qualification into this bank account. Even though rates have now fallen, it is more-or-less pegged to global interest rates so no real gripes there. As there's no hurdle required to hit the interest rate, I'd still recommend anyone eligible with spare cash to sign up!0
What are your thoughts?Reply
- Posted 20 Sep 2021
Purchased
Standard Chartered JumpStart Account
I joined before the interest rate drop to the current 0,4%, but I'd likely still recommend this to someone who is looking for a fuss free savings account. Although there are other products that offer higher interest rate, the main draw for me is still the cashback debit card and the good app interface, which are both great.0
What are your thoughts?Reply
- Posted 16 Sep 2021
Purchased
Standard Chartered JumpStart Account
[Fuss Free] No fees and no minimum balance [Application Process] Smooth and fast application process [Interest] 0.4% is still decent, though there are better options out there, such as SingLife and Dash PET0
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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.
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