There are many things to be envious of the young generation. Being younger, they have more energy, more time on their hands and less adulting problems to worry about. All these spoken with the benefit of hindsight by Heartland Boy, who unfortunately is no longer a boy anymore. Anyway, back to the topic of this blog article. Now, there is another practical reason to celebrate about being young. Standard Chartered Bank recently launched the JumpStart Savings Account which is only applicable to persons age between 18 to 26 years of age. They get to earn a fantastic 2% interest rate on the SCB JumpStart Savings Account and there is no need to jump through any hoops to achieve that high interest rate.
What Are The Requirements For The SCB JumpStart Savings Account?
The beauty of the Standard Chartered Bank’s Jumpstart Savings Account lies in its simplicity. It is so simple to earn the interest rate as there is only one requirement- only those age between 18 to 26 years are eligible to apply. Unlike other high-yield savings accounts that Heartland Boy has reviewed, there are no other hurdles to jump through or nasty terms and conditions to take note. It is so easy to achieve the 2% interest rate for the JumpStart Account since:
- No minimum deposit is required and hence there is no fall-below fee
- No lock-in period and hence no penalty fee for early closure of bank account
- No monthly fees payable to service and maintain this account
- No requirement for salary crediting (perfect for NSF and students!)
- No minimum spending required on any SCB debit/credit card (though the SCB Unlimited cashback credit card is still very decent, and you may apply through my affiliate link)
- No time needed to accrue any step-up interest rate (vs Citibank MaxiGain Savings Account)
- Withdrawals does not decrease the interest rate applied
With such ease and simplicity, the SCB JumpStart Savings account is highly accessible to youths age between 18- 26 years old! Heartland Boy thinks it is the BEST savings account for this age group, especially those who does not fulfil the common requirement of salary crediting.
How The Standard Chartered Bank JumpStart Savings Account Works
The 2% interest rate is applicable only to the first $20,000 account balances and will be credited at the end of each month. In addition, there is also no cap on the maximum amount of interest earned. However, it does not make sense to deposit more than $20,000 in the JumpStart Account since any incremental balances beyond the first $20K earn a paltry 0.1% interest rate.
The JumpStart account can only be opened in your name. Therefore, no joint account is allowed. Even after the account holder turns 26 years old later, there is no need to close the JumpStart Account. All the existing benefits continue to apply, i.e., first $20K continues to earn 2% interest rate although the account holder is now older than 26 years old. Note that SCB reserves the right to unilaterally amend the terms and conditions 😀
Subject to approval, youths who apply for the JumpStart savings account will also be issued with a Cashback Debit Card. The cashback is 1% on all eligible transactions, capped at S$60 per month. No annual fee is payable for this JumpStart Cashback Debit card. In Heartland Boy’s opinion, a cashback credit card makes perfect sense for this age group as it is likely that they will have difficulty chasing the miles game.
Exclusive Sign-Up Gifts For JumpStart Account
From now till 31 Oct 2019, all new and existing clients who successfully apply for the SCB JumpStart Savings Account are eligible for the following sign-up gifts:
- Receive S$20 Grab credits
- 100% cash rebate on Standard Chartered brokerage fees, capped at the first S$20,000 in transaction value performed per month before 31 Oct 2019. Note that usual brokerage fees will be charged first before the member will receive the fee rebate. This is great as SC trading platform offers one of the lowest brokerage fees and hence does not eat at your returns. Fees kill returns, this is pretty well-known.
- Similarly, 100% rebate on sales charge for all unit trusts available on the Online Unit Trust Platform if they are invested before 31 Oct 2019
Conclusion of JumpStart Savings Account
Although Heartland Boy is not eligible to apply for the JumpStart Savings Account, he has already urged those around him to apply. To lock in a permanent 2% interest rate (until SCB changes its mind) on the first $20,000 (for doing absolutely nothing) in the JumpStart Account is a fantastic opportunity that is unheard of until now. He has already informed his brother-in-law (a recent graduate) about this new savings account in town. Hopefully, he will use this opportunity to earn some brownie points from his girlfriend just like how Heartland Boy did with Heartland Girl in the past. Oh, no need to thank me as well since we are family.
Regardless, because of the high interest rate and its simplicity, it makes perfect sense to apply as soon as possible to take advantage of the sign-up gifts and allocate the maximum $20K into this account. Yes, even if that involves transferring your monies from other savings account because this is simply too good a deal to pass on.
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From now till 31 March 2020, receive wireless Apple AirPods worth $299 if you sign up for the Standard Chartered Unlimited Credit Card via SingSaver. In addition, receive a further $20 cashback if you apply successfully via MyInfo.
*SingSaver is an affiliate partner of Heartland Boy and he earns a small fee for every successful referral.
[…] Sunday, I came across an article written by Heartland Boy about the Standard Chartered Jumpstart […]