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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 0.4% 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.

S$0

Monthly fee

S$0

Fall below monthly fees

0.4% p.a.

Maximum annual interest rate

Details

Product NameSC JumpStart Account
Monthly feeS$0
Minimum Age RequirementBetween 18 and 26 years old
Mobile paymentsApple Pay, Samsung Pay
Supported CurrenciesSGD
More Info

How it works

The SCB JumpStart account offers those between 18 to 26 years of age a slight boost towards financial independence with higher interest rates on up to $20,000 of their account balance, as well as 1% p.a. cashback on debit card spending.

Key features

Here are some of the key features offered by the SCB JumpStart account:

    • Competitive interest rates. Earn 0.4% 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

Pros and cons

Pros

  • Competitive interest rate. SCB offers 0.4% 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 January 2022).
  • 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.

Cons

  • 0.4% 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

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.

Eligibility criteria

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

Required documents

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.

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Disclaimer: Interest rates are applicable for deposits between S$1,000 and S$49,999. Interest rate and initial deposit are shown in Singapore dollars. Please check with the provider for deposits and rates in other amounts and currencies.

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