Monday 14 October 2019

2% interest per annum - Stan Chart Jumpstart

Last Sunday, I came across an article written by Heartland Boy about the Standard Chartered Jumpstart Account.

The account is a savings account with a main benefit that attracted me is that it will provide 2% per annum interest on your savings.

One main condition is that you have to be between 18 years of age to 26 years old, only then are you able to open this savings account.

I read through the conditions and found a few good benefits of the account:
  • 2% interest per annum on the account balance on first $20 000.
  • No fees and minimum deposit balance required. 
  • No lock-in. No minimum spends. No requirement for salary-crediting.
  • Cashback debit card with 1% on all eligible transactions, capped at S$60 per month.
1.  2% interest per annum on the account balance on first $20 000.

This is a huge thing that made me want to open this account. 2% per annum is not much but it is high for a savings account in Singapore.

Recently, Singapore saving bonds interest rate has not been so attractive, providing about 1.62% for the first year. So this means that this saving account can provide better returns for my money and also it will be easily accessible as it is a savings account.

2. No fees and minimum deposit balance required.

This means that no minimum balance is required and that even if your balance is $0, no fees will be deducted. Usually for savings account, there will be like a minimum balance of $500 or even up to $3000 and if you do fall below that amount, an amount will be deducted from your balance.

With no minimum balance, especially for those who are aged 18 years to about early 20s, it can really help.

3. No lock-in. No minimum spends. No requirement for salary crediting. 

With the other banks, a number of requirements need to be fulfilled before you can get 2% interest on your account balance.

For the Jumpstart account, whatever balance you have in there would be eligible for the 2% interest with no other requirements needed. Currently, many other accounts that can provide a higher than average interest requires at least salary crediting and other requirements, but for the Jumpstart account, no other requirements are needed.

4. Cashback debit card with 1% on all eligible transactions, capped at S$60 per month.

I have a colleague whose pay is not eligible for her to apply for a credit card. With this cashback debit card, my colleague can at least get some benefits.

This in a way is good for her as she is not able to enjoy the credit card benefits as she can't apply for one currently.

Of course, in it's terms and conditions, Standard Chartered has mentioned that they may change the basis and rates of the prevailing interest at any time with prior notice. All in all, I find that it is really a fuss-free way of getting that 2%.


  1. Stand chart, why age group from18 to 26years old?

  2. Good for NSFs & tertiary students! Lock them in young LOL!

    But now with handphone & online a/c setups & e-transfers etc etc will be hard to really lock-in. Stanchart will get the money only as long as the 2% lasts. Money nowadays easily move from 1 place to another. Not like in the old days when you need to physically do a/c opening, cash withdrawals & cash transfers.

    I remember when I was doing NS in the late-1980s ... interest rate in Post Office Savings Bank was 6%!! Too bad I don't have time machine. LOL!!

    Anyway my starting NS allowance in those days only $90 per month. At that time money hard to come by unless you prepared to take risks & do construction-related biz!!

  3. Usually at the end of the month, interest will credit into the jumpstart account. Can I know exactly which date they will credit in?

    1. Hi, it will be credited monthly on the last day of the month. Hope this helps!