Reasons you’ll love the JumpStart Account

JumpStart is a simple and high-interest savings account that offer a Base interest rate of 0.50% p.a. and Step-Up interest rate of 1.00% p.a. if you invest (refer to JumpStart Step Up Interest Terms and Conditions), for account balances up to S$50,000, all year round. No lock-in. No minimum spends. No requirement for salary-crediting. You have the flexibility to access your funds anytime AND earn competitive interest rate.

It comes with a Cashback debit card with no monthly or annual fees.

To open a JumpStart Account, you must be between 18 and 26 years old at the time that you apply for the account.

There’s no requirement to close your JumpStart Account when you turn 26. You can continue to maintain your Standard Chartered JumpStart Account beyond your 26th birthday.

You can only open one JumpStart Account.

You can open a JumpStart account in your name only.

You will receive prevailing Base interest on your JumpStart account balances. Prevailing Base interest will be credited into your JumpStart account at the end of each month. You will earn 0.50% p.a. on your first $50,000 account balance in your JumpStart account, and you will earn 0.10% on any incremental balances above S$50,000 in your JumpStart account.

There is no cap to the amount of interest that you can receive on the balances in your JumpStart account.

Your interest will be reflected in your eStatement, Online Banking and Mobile Banking transaction history as “CR INTEREST”. Interest is credited into your JumpStart Account at the end of each month.

Your Step-Up interest will be reflected in your eStatement, Online Banking and Mobile Banking transaction history as “CR STEP UP INTEREST”.

If you close your JumpStart Account before the end of the month, prevailing interest will be paid up to the day before account closure.

There is no minimum deposit requirement. Additionally, there’s also no service or annual fees for the Cashback debit card.

There is NO monthly fee.

There is NO fall-below fee.

No, there is no annual fee for the Cashback debit card.

You will receive your Cashback debit card 5 to 7 working days from the opening date of your JumpStart Savings account.

You’ll enjoy 1% cashback on qualifying transactions on your debit card. Monthly cashback is capped at S$60 per account and is calculated at the end of each calendar month based on transaction posting date.

Cashback for debit card spends will be credited on the first working day of the following month. Refer to JumpStart Account Product Terms for the qualifying transactions and excluded transactions.

• Successfully subscribe and settle one or more Eligible Unit Trust(s) through any investment account held by you as a primary account holder; or
• Successfully set up a Regular Savings Plan (RSP) and settle your monthly investment through any investment account held by you as a primary account; or
• Successfully put through at least one or more buy order(s) for Equities via SC Online Trading and settle the trade(s) through any investment account held by you as a primary account holder.

Illustration 1:

You perform 1 or more buy transaction on SC Online Trading platform in January

Your Jumpstart account average daily balance in January: S$50,000

Estimated Step-Up interest credited to your JumpStart account in February: S$41.66

Illustration 2:

You perform 1 buy transaction on SC Online Trading platform AND 1 buy transaction on Online Unit Trust platform in January

Your Jumpstart account average daily balance in January: S$50,000

Estimated Step-Up interest credited to your JumpStart account in February: S$41.66

Illustration 3:

You set up a Regular Savings Plan to invest $100 each month for the next 12 months in January.

Your Jumpstart account average daily balance in January: S$50,000

Estimated Step-Up interest credited for to your JumpStart account for the next 12 months: S$41.66 per month.

• “Eligible Unit Trusts” means a unit trust distributed by the Bank but does not include (i) exchange traded funds; (ii) switching transactions and (iii) any investments made through:

1. an Overdraft Facility; or
2. the Central Provident Fund Investment Scheme; or
3. Supplementary Retirement Scheme

• “Equities” comprises all shares that are open for trade on the Standard Chartered Online Trading platform, but does not include:

1. Delisted or suspended shares and
2. Shares that are in certificate form

You will receive Step-Up Interest for each month that you complete a Wealth Quest. A Wealth Quest can be fulfilled through a successful subscription of a Unit Trust or Regular Savings Plan or a buy order of Equities.

There is no minimum investment amount requirement to receive Step-Up Interest. However, most Unit Trusts require a minimum investment of S$1,000 (refer to respective Fund Details), with subsequent amounts as low as S$100. Monthly minimum investment amount to set up a RSP is $100 but may be higher depending on each Unit Trust’s minimum regular savings plan amount. Please refer to the minimum regular savings plan amount set out in the relevant fund prospectus, as the minimum amount varies from Fund to Fund.

There is no minimum investment amount requirement to receive Step-Up Interest. However, the minimum investment value (in terms on number of shares) you can trade online is determined by the respective exchanges.

No, the maximum Step-Up Interest you receive per month is at the rate of 1% p.a.

If you have fulfilled the Wealth Quest in a given calendar month, Step-Up Interest will be credited into your JumpStart account the following calendar month.

Absolutely – here are the reasons to say “yes”:

JumpStart is tailor-made for your #adulting journey, adapting and aligning to your evolving needs and responsibilities. It also comes with attractive interest rates to help grow your savings over time. Not to mention, it rewards you for spending: turning everyday transactions into benefits.

Additionally, by choosing JumpStart, you can capitalise on investment opportunities and earn more as your portfolio grows. And there are no hidden fees to worry about, so you can focus on your personal financial game without any hassle.

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