Standard Chartered JumpStart Account Review: Interest Rates, Minimum Balance (2022)

Person's hand inserting a coin into a clear plastic piggy bank to symbolise savings and savings accounts.

Managing your finances is hardly a priority for many of us until we enter our late 20s. It’s a major life blunder most people make because well, we’re living young and wild and free, right?

Wrong. Take it from your mom, your dad or your grandmother who hides her wades of cash in Milo tins, you’re never too young to get a savings account. The Standard Chartered JumpStart savings account is one that motivates you to do just that.

So, is it really worth abandoning your YOLO spirit and stashing your cash away with the Standard Chartered JumpStart savings account? If you’re still 18 to 26 years young, read along! 


      1. Standard Chartered Savings Accounts
      2. Standard Chartered JumpStart Account Eligibility, Minimum Balance
      3. Standard Chartered JumpStart Account: Interest Rates
      4. Standard Chartered JumpStart Account: Cashback
      5. Standard Chartered JumpStart vs CIMB FastSaver account 
      6. How to close your Standard Chartered JumpStart savings account?

1. Standard Chartered Savings Accounts: Summary

There are actually eight Standard Chartered savings accounts available right now in Singapore. These savings accounts range from kids savings accounts to young adults’ savings accounts, multi-currency accounts, and your typical bonus interest rates savings accounts.

Here is an overview of all eight SCB savings accounts, their eligibility, and interest rates:

Standard Chartered Savings Account Eligibility Maximum Interest Rate
Standard Chartered eSaver Kids 18 years and below 0%
Standard Chartered JumpStart Account 18 to 26 years old 0.50%
Standard Chartered BonusSaver Account 18 years to 65 years old 2.38%
Standard Chartered SuperSalary 18 years and above 0.28% (until 31 Dec 22)
Standard Chartered XtraSaver 18 years and above 3.00% Cashback on Mastercard spend
Standard Chartered eSaver Account 18 years and above 0.80%
Standard Chartered UnlimitedSaver Account 21 years and above, with SCB Unlimited Cashback Credit Card 3.00% Cashback on credit card spend
Standard Chartered FCYSaver Account 18 years and above, with minimum US$2,000 deposit 0%
Standard Chartered USDSaver Account 18 years and above, with minimum US$1 deposit 0.20%
Standard Chartered USD High Account 18 years and above, Priority Banking only 2% Cashback on debit card spend
Standard Chartered MyWay Savings Account 55 years and above, with average daily balance $50,000 0.30%
Standard Chartered Cheque and Save Account 18 years and above, with $5,000 minimum deposit (Daily Interest)
Standard Chartered Basic Bank Account 15 years and above, governmental Public Assistance Scheme for low-income families only 0%

In this article, we’ll only be reviewing the Standard Chartered JumpStart Account meant for 18 to 26 year olds, which is actually a pretty high interest rate savings account for young adults and first-jobbers.

2. Standard Chartered Savings Accounts Eligibility and Minimum Balance

The best part of the Standard Chartered JumpStart savings account is how fuss-free it is. There’s essentially no barriers to entry besides having to be between 18-26 years old at the time of account opening. You’ll also automatically receive a SCB Cashback Debit Card (Mastercard) that’s linked to your Jumpstart savings account – kind of like your regular POSB savings account which, by default, comes with a debit card.

You won’t be tied to a lock-in period, you don’t have to maintain a minimum balance, nor credit your salary when you sign up for the Standard Chartered JumpStart savings account. 

  • Eligible Age: 18 to 26 years old
  • Nationality: Singaporeans & PRs
  • Initial Deposit: $0
  • Minimum balance (monthly): $0
  • Fall-below fee: $0
  • Bonus 1% Cashback Debit Card Cap: $60/month

3. Standard Chartered JumpStart Account Interest Rate

In the same way that most banks have, Standard Chartered too has slashed its interest rates in recent years. Big sigh! You know what they say, good things don’t last forever. Back in 2021, you could easily earn 2% interest without really having to do much at all. 

Now that those days are gone, is it still worth putting your money into the Standard Chartered JumpStart savings account? Let’s have a look at SCB Jumpstart Account’s interest rates:

First $20,000 $20,000 and above
Base interest rate 0.5% p.a. 0.1%
Wealth Quests Bonus interest rate +0.5% p.a.

The Standard Chartered JumpStart savings account is about fuss-free as it gets. Given that it’s for those between 18-26 years old, the mechanics are simple and easy to understand. 

If you deposit your cash and do absolutely nothing at all, you’ll earn a base interest rate of 0.5% p.a. on your first $20,000. Let’s be honest, if you’re still a student or have just secured your first job, you probably don’t have more than $20,000 saved up anyway. 

While the 0.5% interest rate may not be as rewarding as it once was, it’s still 10X the 0.05% base interest rate you’ll earn with other conventional savings accounts such as the DBS Multiplier savings account.

Savings Account Base Interest Rate Maximum Interest Rate
Standard Chartered Jumpstart 0.5% 0.6%
DBS Multiplier 0.05% 3.00%
Maybank SaveUp 0.15% 3.00%
UOB One 0.05% 2.5%

Standard Chartered Jumpstart Account Bonus Interest Rates

The bonus interest rates is called the Standard Chartered Jumpstart Step-Up Interest. You will get the bonus 0.5% p.a. interest rate if you complete one of SCB’s “Wealth Quests“. Lol at these boomer attempts to gamify savings. 

  • Wealth Quest 1: Invest minimum of $1,000 in unit trusts, or regular savings plan (from $100/month) via SCB
  • Wealth Quest 2: Invest in equities via SC Online Trading (subject to exchanges’ minimum shares/order)

Unit trusts and equity might seem like big words that involve big monies but if you were to look into it, it’s not as daunting as it may first seem. You can easily apply for an account with Standard Chartered’s regular savings plan via the SCB Online Unit Trust Platform.

If you can successfully ‘complete’ the Wealth Quests, you can easily hit the maximum 1% p.a. in interest rate. 

Standard Chartered logo
Base Interest Rate p.a.
Max. Interest Rate p.a.
Min. Balance

4. Standard Chartered JumpStart Savings Account Cashback

If the interest rate is not calling out loudly enough to you, you also get a 1% cashback on your SCB Debit Card’s spending (the debit card that automatically comes with your Jumpstart Account). Most daily expenditure are eligible for this 1% cashback, excluding:

  • ATM or NETS transactions
  • Loan, credit, deposit payments
  • ICA, MOM, LTA transactions
  • Insurance premiums
  • EZ-Link card transactions 
  • Top-ups into any stored value facilities such as e-wallets
  • Annual fees and charges charged to your debit card

The cashback is capped at $60 per month. It’s one way to make the most of your day to day expenditure even if it might not be much. 

However, if you’re quite the big spender, you would easily be able to find some other best credit cards that can give you high cashback rates.  

5. Standard Chartered JumpStart account vs CIMB FastSaver account 

Like the Standard Chartered JumpStart savings account, the CIMB FastSaver savings account is also a fairly straightforward savings account. No fall below fees, and you don’t have to credit your salary. You simply leave your money in there to leverage on the higher-than-normal bank interest rates.

However, when you do the bare minimum with the latter, you’ll only earn 0.3% which is lower than SCB Jumpstart’s 0.5% base interest rate. In order to attain CIMB FastSaver’s 1% p.a. interest rate, you’ll have to also sign up with the CIMB Visa Signature credit card and spend a minimum of $300 per month. 

Standard Chartered JumpStart Account CIMB FastSaver Account
Eligibility 18-26 years old 16 years and above
Minimum Deposit $1,000 $0
Monthly Balance $1,000 (to qualify for interest) $0
Fall Below Fee $0 $0
Credit Salary No No
Base Interest Rate 0.5% (first $20,000) 0.3% (first $75,000)
Bonus Interest Rate 1% (first $20,000 only) 3% (first $10,000 only)
Debit/ Credit Card SCB Cashback Debit Mastercard CIMB Visa Signature Credit Card
Additional Cashback 1% 5%
Minimum Spend (for Cashback) $300/month

That might be too much commitment if you’re still a young adult. However, if you’re further along in your career with more disposable income, you’ll be able to hit the 1% interest rate fairly easily with CIMB FastSaver without making any additional investments. There’s also a minimum balance of $1,000 that you have to maintain with the CIMB FastSaver account.

If you’ve only now discovered the Standard Chartered JumpStart savings account but you’re already past 26 years of age, the CIMB FastSaver is one for you to consider. Otherwise, if you’re a youngling still figuring out your finances, stick to the Standard Chartered JumpStart account.

6. How to close your Standard Chartered JumpStart savings account? 

If you’re wondering what happens to your account when you turn 27, it’s pretty anti-climatic. Your account remains as is. With no minimum balance that you’re required to maintain, you can do what you will with the account. 

You can leave your money in there to multiply or change over to another savings account. If you do decide to close your Standard Chartered JumpStart savings account, you can do so online here.

You’ll be speaking to a chatbot but it’s still very much a seamless process that won’t take you more than 10 minutes.  

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