Standard Chartered JumpStart Account review
Benefit from higher interest rate and cashback from your debit card spend.
The Standard Chartered bank JumpStart is a day-to-day banking account designed to help young adults Between 18 and 26 years old kick start their journey towards financial independence with 1% p.a. interest rates and 1% p.a. cashback on debit card spending.
Find out if the SCB JumpStart account is ideal for you in this review.
Fall below monthly fees
Maximum annual interest rate
What's in this review?
- What features are available with the Standard Chartered JumpStart Account?
- Compare a range of savings accounts in Singapore
- Other Standard Chartered accounts to consider
- Compare the Standard Chartered Bank JumpStart Account
- Benefits of the SCB JumpStart Account
- What should I look out for?
- How to sign up for the Standard Chartered JumpStart Account
- Frequently asked questions
What features are available with the Standard Chartered JumpStart Account?
Here are some of the key features offered by the SCB JumpStart account:
- Competitive interest rates. Earn 1% p.a. interest on deposit balances up to $20,000.
- 1% cashback. Benefit from 1% p.a. cashback on eligible spend charged on your SCB debit card.
- Zero fees. The SCB JumpStart account and debit card does not come with any monthly or annual fees.
- No minimum deposit balance. You don’t need to worry about meeting any average daily balance since there are no fall-below fees.
- Manage your finances on-the-go. You may access your account anytime via the SCB online banking platform or mobile app.
- Contactless technology. Enjoy the convenience of tap-and-go transactions with the card’s contactless feature. You can also add your cashback debit card to Apple Pay, Google Pay and Samsung Pay
Compare a range of savings accounts in Singapore
Other Standard Chartered accounts to consider
Not quite sure if the SCB JumpStart Account is for you? Consider the following SCB accounts to see if they are more suitable to your banking needs.
- e$aver Account. Earn up to 1.20% p.a. which consist of bonus interest on your eligible incremental balances, plus base interest on your entire deposit balance.
- Bonus$aver Account. Earn a bonus interest rate of up to 3.88% p.a. on the first S$100,000 eligible deposit balance when you consolidate your spending, salary credit, bill payments and wealth needs in the Bonus$aver Account.
- Unlimited$aver Account.The Unlimited$aver account is a savings account that allows Standard Chartered Unlimited Credit Card cardholders to unlock up to 5% cashback from their card spends with funds deposited into the Unlimited$aver account.
- USD$ Saver Account.With USD$aver, you can transact in US$ and enjoy attractive interest rates of up to 2.25% p.a with this USD interest-bearing account without locking in your money. In addition, you can earn 2% cashback on MasterCard transactions with both the USD High Debit card and MasterCard debit card.
- Standard Chartered Bank Current Account. SCB also offers a wide range of chequing accounts for customers who make transactions frequently.
Compare the Standard Chartered Bank JumpStart Account
Benefits of the SCB JumpStart Account
- Competitive interest rate. SCB offers 1% p.a. interest on the first $20,000 of your account balance, which is higher than the base interest rate of 0.05% p.a. that is offered by most saving accounts in Singapore (as of October 2020).
- Cashback. Earn 1% p.a. cashback on eligible debit card spend.
- Hassle-free. Enjoy all the benefits of this account without having to meet any specific criteria that is typically required with other bonus saver accounts in Singapore.
- Free to use. There are no account maintenance fees or any fall-below penalty.
- No initial deposit and minimum account balance. Students and young working adults with little or no income don’t have to worry about meeting a minimum balance.
What should I look out for?
- 1% p.a. interest rates only for the first $20,000. Subsequent balance above $20,000 will only accrue the prevailing interest rate of 0.1% p.a.
- Cashback cap. Monthly cashback is capped at S$60.
How to sign up for the Standard Chartered JumpStart Account
If you’ve decided to register for the Standard Chartered JumpStart Account, expect the same steps required to open any other bank account in Singapore.
New applicants (Singapore citizens and PRs) can apply with their SingPass, a simple and secure application process that speeds up the process by retrieving your personal details and income information directly from MyInfo. Alternatively, you can also fill up an online application form and upload the relevant documents if you don’t have a SingPass account.
Before you apply, make sure to check if you meet the account’s eligibility criteria and have the necessary documents on hand.
You’ll need to meet these requirements to open an SCB JumpStart Account:
- Age. Be Between 18 and 26 years old
- Residency. Be a Singaporean, Singapore Permanent Resident or a foreigner
Make sure you have the following information and documents ready when you apply:
- Singapore citizens and permanent residents. A photocopy of your NRIC (both front and back)
- Foreigners with a valid permit. Passport, valid student/long-term/employment pass and proof of residential address
If you meet the criteria and have the required documents, you may apply for an account online on SCB’s website through the ‘Apply Now’ button. If you already have an existing account with SCB, you may log onto your SCB account to apply directly for a more seamless process.