Standard Chartered JumpStart offering up to 2% p.a. interest. Best for students?

Reviews

Savings Account

By Beansprout • 02 Sep 2025

Is the Standard Chartered Jumpstart the best entry level savings account? Learn about the pros, cons, and interest rates of this popular savings account option.

Standard Chartered JumpStart Review
In this article

What happened?

Standard Chartered (SC) JumpStart is now offering an interest rate of up to 2.00% p.a. for the first S$50,000 of deposits.  

The maximum amount of deposits to earn the interest rate of up to 2.00% p.a. has been raised from S$20,000 previously. 

If you are a student or young adult looking for a simple savings account to park your spare cash, read on to find out how to earn a higher interest on the Standard Chartered JumpStart Account.

SC Jumpstart September 2025
Source: Standard Chartered

What is the Standard Chartered JumpStart Account?

The Standard Chartered JumpStart Account is a fuss-free, high-interest-rate savings account for  young individuals between the ages of 18 to 26 years old. 

You can earn an interest rate of 1.00% p.a. on the first S$50,000 of balances. If you invest with StanChart, you will earn an additional step-up interest of 1.00% p.a., bringing the interest earned to 2.00% p.a. 

What is the interest rate for the Standard Chartered JumpStart Account? 

The SC JumpStart account will give you an interest rate of 1.00% p.a. for the first S$50,000, and a step-up interest rate of 1.00% p.a. if you invest. 

If you have more than S$50,000 in your account, you will earn an interest rate of 0.10% p.a. on incremental balances above S$50,000. 

Account BalancePrevailing Interest Rate (without investment with the bank)Prevailing Interest Rate (with an investment with the bank)
First S$50,0001.00% p.a.1.00% p.a.
Incremental balances above S$50,0000.10% p.a0.10% p.a
Source: Standard Chartered, as of 1 September 2025

As an example, if you have a monthly average balance of S$50,000, you will earn the maximum interest rate of 1.00% p.a or a total interest of about S$500 in a year. 

However, you will only earn an interest rate of 0.10% p.a. for any incremental balance above S$50,000. 

This means that if you have S$60,000 in the account, you will only earn an interest of $10 for the incremental S$10,000 in your account above S$50,000. This would bring your total interest earn to S$510, which would represent an effective interest rate of 0.85% p.a.

As we can see, the effective interest rates (EIR) will start to fall as your account balance increases beyond the $50,000 mark.

The following table summarises the maximum effective interest rate earned on the SC JumpStart Account over different deposit levels.

Cash available for depositSC JumpStart effective interest rate (EIR) without investing with the bank (p.a.)SC JumpStart effective interest rate (EIR) with an investment with the bank (p.a.)
First S$50,0001.00%2.00%
S$60,0000.85% 1.68
S$70,0000.74%1.46%
S$80,0000.66%1.29%
S$90,0000.60%1.16%
S$100,0000.55%1.05%
Source: Beansprout calculations, as of 1 September 2025

How to earn the 1.00% p.a. Step-up interest on the Standard Chartered JumpStart Account?

You do not need to make an investment to earn 1.00% p.a. on your first S$50,000 of deposits. 

However, you can earn an additional step-up interest of 1.00% p.a. if you invest with the bank.

You can either invest in:

  • Unit Trusts or Regular Savings Plan
  • Equities through SC Online Trading

All you will need to do is to perform at least one buy transaction on the SC Online Trading platform, Online Unit Trust platform, or any bank branch every month to earn the highest interest rate of 2.00% p.a.

You can find out more by reading the T&Cs here.

What are the advantages of the Standard Chartered JumpStart Account?

The advantage of the SC JumpStart Account is that there are very few criteria requirement to hit the 1.00% p.a. base interest on the first $50,000. 

This means you don’t have to make any minimum spend, invest with the bank, or credit your salary to be eligible for the interest. 

And if this is not yet enough, there is no initial deposit, minimum balance to maintain, and zero fall-below fees.

You can earn the 1.00% p.a. interest rate while having the flexibility to access the funds anytime. 

The SC JumpStart account also has a debit card that offers up to 1% cashback on eligible spend, capped at S$60 per month. 

However, there is absolutely no requirements for card spending to earn the 1.00% p.a. interest (So, no pressure if you don’t need it).

What are the disadvantages of the Standard Chartered JumpStart Account?

The main drawback of the SC Jumpstart account would be the age restriction at the point of account opening. 

You will need to be between 18 to 26 years old to open an account.

Do I have to close my Standard Chartered JumpStart Accountafter I reach 26 years old?

If you are an existing account holder, you can still continue to use the SC JumpStart account even after you are over 26 years old.

How does the Standard Chartered JumpStart Account compare to UOB Stash and CIMB FastSaver?

The SC JumpStart is a no-frills account that allows you to earn a higher interest rate with very few additional requirements. 

Let’s compare the SC JumpStart Account to other similar savings accounts, such as the UOB Stash and CIMB FastSaver accounts, assuming that you don't need to credit salary or spend on a card. 

The SCB JumpStart Account offers a decent effective interest rate for balances below S$40,000. 

However, the CIMB FastSaver Account offers a higher effective interest rate for balances of S$40,000 to S$60,000.

The UOB Stash Account offers the highest effective interest rate for balances from S$60,000 to S$100,000.

Total DepositsUOB Stash EIR (p.a.)Standard Chartered JumpStart Account EIR (p.a.)CIMB FastSaver Savings Account EIR (p.a.)Winner 
S$20,0000.825%1.00%0.88%SCB JumpStart
S$40,0001.21%1.00%1.22%CIMB FastSaver
S$60,0001.54%0.85%1.53%UOB Stash
S$80,0001.81%0.66%1.66%UOB Stash
S$100,0002.045%0.55%1.49%UOB Stash
Source: Beansprout calculation, as of 1 September 2025

Final verdict on Standard Chartered JumpStart Account

The SC JumpStart Account allows you to earn a decent interest rate of 1.00% pa. for your first S$50,000 of deposits. 

It comes with very few requirements, and you do not have to make any minimum spend, invest with the bank, or credit your salary to be eligible for the interest. 

However, you will have to be between 18 to 26 years old to open an account. 

The interest rate you will earn on the SC JumpStart Account falls sharply for deposits above S$50,000. 

You can consider other entry level savings accounts such as the UOB Stash Account if you have deposits of close to S$100,000. 

If you are willing to jump through a few hoops to earn a higher interest rate, then the StanChart BonusSaver or UOB One Account can offer a higher effective interest rate for your spare cash.

How to apply for the Standard Chartered JumpStart Account

To open an SC JumpStart account, you have to be aged between 18 to 26 years old (inclusive) at the point of application. 

Step 1: Visit their application webpage.

Standard Chartered JumpStart Account Application Step 1

 

Step 2: Choose to apply via Singpass (for Singapore citizens and PR) or Online Banking.

Alternatively, you can also choose to apply at their branches. To do this, you will require the below documents:

Singapore citizens and permanent residentsForeigners residing in Singapore
  • Original Singapore NRIC
  • Passport
  • Valid pass
  • Any of the following documents:
    • utility bill
    • bank statement
    • Telecommunications bill
    • Tenancy agreement
    • Government-issued documents stating address (e.g. IRAS, CPF, ICA)

 

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Questions and Answers

1 questions


  • Kwan • 11 Nov 2024 09:17 AM
    • JT • 28 Nov 2024 02:22 AM