Standard Chartered Savings Accounts | Top Savings Accounts Singapore 2022
Bank Accounts | Savings Accountsby Priyadarshini 12 December 2022
Many of us do not prioritize financial management until we are in our late twenties. The Standard Chartered JumpStart savings account encourages you to do so. In this blog, we talk about the Standard Chartered Savings Accounts in Singapore.
Standard Chartered Savings Accounts
In Singapore, there are now eight Standard Chartered savings accounts accessible. These savings accounts range from children’s savings accounts to savings accounts for young people, multi-currency accounts, and standard bonus interest rate savings accounts.
Here’s a rundown of all eight SCB savings accounts, along with their eligibility and interest rates:
Eligibility for Standard Chartered Savings Accounts Maximum Interest Rate
- Standard Chartered eSaver Kids 18 years and under 0%
Standard Chartered JumpStart Account for people aged 18 to 26 -50 percent
Standard Chartered BonusSaver Account for people aged 18 to 65 -2.38%
Standard Chartered SuperSalary 18 years and older 2.38 percent 0.28 percent (until 31 Dec 22)
- Standard Chartered XtraSaver 18 and up Cashback of 3% on Mastercard purchases
0.80 percent Standard Chartered eSaver Account 18 years and older
Standard Chartered UnlimitedSaver Account for anyone over the age of 21, with SCB Unlimited Cashback Card Payment Cashback of 3% on credit card purchases
- Standard Chartered FCYSaver Account for anyone aged 18 and up, with a minimum deposit of US$2,000 zero percent
Standard Chartered USDSaver Account 18 years and older, with a minimum deposit of US$1 0.20 percent
Standard Chartered USD High Account 18 years and older, Priority Banking 2% Cashback on debit card purchases
Standard Chartered MyWay Savings Account 55+, with an average daily balance of $50,000 0.30 percent
Eligibility for Standard Chartered Savings Accounts and Minimum Balance
The simplicity of the Standard Chartered JumpStart savings account is its strongest feature. Except for being between the ages of 18 and 26 at the time of account opening, there are virtually no hurdles to entry. You’ll also receive an SCB Cashback Debit Card (Mastercard) linked to your Jumpstart savings account, similar to how your ordinary POSB savings account comes with a debit card by default.
When you join up for the Standard Chartered JumpStart savings account, you are not required to maintain a minimum amount or credit your salary.
Age Limit: 18 to 26 years old
Singaporeans and Permanent Residents
$0 initial deposit
Monthly minimum balance: $0
Fee for falling below: $0
1 percent Cashback Bonus Monthly Debit Card Cap: $60
Interest Rate on Standard Chartered JumpStart Account
Standard Chartered, like the majority of banks, has reduced its interest rates in recent years. A deep sigh! Good things, as they say, do not last forever. Back in 2021, you could easily make 2% interest without needing to do anything. Is it still worthwhile to invest in the Standard Chartered JumpStart savings account now that those days have passed? Let’s have a look at the interest rates on the SCB Jumpstart Account:
The Standard Chartered JumpStart savings account is as simple as they come. Given that it is aimed toward those aged 18 to 26, the mechanics are simple and straightforward. If you deposit your money and do nothing else, you’ll receive a 0.5 percent annual rate on your first $20,000 deposit. Let’s face it: if you’re still a student or have just gotten your first job, you probably don’t have more than $20,000 saved up.
While the 0.5 percent interest rate isn’t as attractive as it previously was, it’s still 10X the 0.05 percent base interest rate you’ll receive with other traditional savings accounts like the DBS Multiplier savings account. If you deposit your money and do nothing else, you’ll receive a 0.5 percent annual rate on your first $20,000 deposit. Let’s face it: if you’re still a student or have just gotten your first job, you probably don’t have more than $20,000 saved up.
While the 0.5 percent interest rate isn’t as attractive as it previously was, it’s still 10X the 0.05 percent base interest rate you’ll receive with other traditional savings accounts like the DBS Multiplier savings account.
Bonus Interest Rates on Standard Chartered Jumpstart Accounts
Standard Chartered Jumpstart Step-Up Interest is the name given to the bonus interest rates. If you finish one of SCB’s “Wealth Quests,” you will receive a bonus of 0.5 percent p.a. interest rate. These boomer attempts to gamify savings are hilarious.
Wealth Quest 1: Invest a minimum of $1,000 in unit trusts or set up a monthly savings plan (starting at $100 per month) with SCB.
Wealth Quest 2: Invest in stocks through SC Online Trading (subject to exchange minimum shares/order).
Cashback on Standard Chartered JumpStart Savings Account
If the interest rate isn’t enough to entice you, you can also get a 1% cashback on your SCB Debit Card spending (the debit card that automatically comes with your Jumpstart Account). Most daily expenses are eligible for this 1% return, with the exception of:
Transactions using ATMs or NETS
Payments for loans, credit, and deposits
Transactions using ICA, MOM, and LTA
Premiums for insurance
Transactions with EZ-Link cards
Top-ups into any type of stored value facility, such as an e-wallet
Annual fees and levies levied against your debit card
The monthly cashback is limited to $60. It’s one method to make the most of your daily spending, even if it’s not much.
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