Standard Chartered Jumpstart Account Review | What You Need To Know

Standard Chartered Jumpstart Account Sign Up Promotion:

Receive a S$30 Cashback (with code: “DBF6F”) within 30 days of opening a Jumpstart account

Overview:

Starting out on your own can be exciting, but managing your money can feel overwhelming. Wouldn’t it be helpful to have a bank account designed with students in mind?

Imagine this, you’re juggling classes, assignments, and maybe even a part-time job. The Standard Chartered JumpStart Account is specifically designed for young adults and students, with no crazy minimum balances or surprise fees. It is probably one of the most hassle-free savings account for students and ideal for accounts with S$50K and below. It offers pretty good interest rates of 2% for your first S$50K (with no hoops to jump through) with an extra 1% cashback on the debit card on eligible spend.

Eligibility:

• between 18 years old and 26 years old
• valid SingPass with MyInfo Profile, Singapore mobile number and email address

Benefits:

• comes with a debit card (Mastercard linked to the account) with 1% cashback on eligible spends
• No minimum deposit
• No requirement for salary crediting
• No minimum spends or fees for cashback debit card
• No lock-in period

How does the Cashback work?

• Cashback is computed on the basis of the transaction posting date at the end of every calendar month. If your JumpStart account is linked as the primary account to the Cashback debit card, Cashback will be credited to your JumpStart account by the end of the following calendar month.
• There is a $60 monthly cashback cap per account

What will not earn Cashback?

• transactions arising from the use of your Cashback debit card as an ATM card at an ATM or at a EFTPOS or NETS terminal
• payments of insurance premiums, including premiums for investment-linked policies
• payments to loans or credit facilities or deposit accounts
• payments to the Immigration and Checkpoints Authority, Ministry of Manpower and Land Transport Authority
• EZ-Link card transactions and other transit link transactions
• top-ups of any stored value facility
• payments of fees and charges (including annual fees, interest charges and other miscellaneous fees) charged to your Cashback debit card
• any amount charged to your Cashback debit card that is subsequently cancelled, voided or reversed
• any other amount or payment charged to your Cashback debit card

FAQ:

• Do I have to close my account after 26 years old?
  • No, you can still maintain your account and its interest rates even after you turn 27 year old. (By then, you should have a salary or some source of income generation and should switch to a high yield savings account with higher interest.)
• Can I open more than one account?
  • No, you are only allowed to open one account
• Can I withdraw from my Account?
  • Yes, you may withdraw any ATM or from the branches using your Cashback debit card

Conclusion:

With no hoops to jump through, the Standard Chartered Jumpstart account is an easy and risk-free way to earn 2% p.a on your first S$50K savings. In addition, the additional 1% cashback on your eligible spend makes it an even more compelling bank account.

Standard Chartered Jumpstart Account Sign Up Promotion:

Receive a S$30 Cashback (with code: “DBF6F”) within 30 days of opening a Jumpstart account