First$aver Account

First$aver is a joint savings account created to empower youths with financial autonomy, while ensuring parents/ guardians have oversight of their child’s financial journey.

Youths (13 years old and above) will have access to a debit card, mobile banking and digital payments. Parents can view their child’s transactions via SC Mobile/online banking, giving them a peace of mind. For accounts where the child is under 13 years old, only parents/ guardians would be able to transact with the account via SC Mobile/online banking.

Start saving with your child: Youths 13+ get access to a debit card, mobile banking and digital payments. This gives them the financial independence and enables them to develop good savings habits early.

Safeguard your child’s savings: Parents maintain full oversight over their child’s spending as joint account holders. In addition, First$aver has lower default transaction limits (debit card spend limit of S$100 per day; fund transfer limit of S$100 per day). Parents can also use our Money Lock feature to protect the funds from scams and unauthorized transfers or withdrawals (Refer to question on What is Standard Chartered Money Lock?).

High interest rate: First$aver offers a prevailing interest of 2.00% p.a. and additional 1.00% p.a. interest for the first 6 months of account opening. This interest rate applies only to the first S$50,000 deposited in the account. No fees or minimum balance required.

Debit card cashback: Youths 13+ will enjoy 1% cashback on qualifying transactions on their debit card, up to a maximum of S$60 per month. Refer to First$aver Account Product Terms for more details.

Parents (26 years old and above) can apply for the account online.

Step 1: Select “Apply Now”

Step 2: Pre-fill your application via SingPass (MyInfo)

Step 3: Select your child (whom you’re creating this account for)

Step 4: Verify your and your child’s details

Step 5: Submit your application and your account will be opened instantly.

Each child can only hold one First$aver account. Parents can hold a separate account with each child.

A savings account is an account at a bank that holds your money. The Bank pays you money or “interest” when you keep the money in the account.

Interest is the money paid by the Bank to you for keeping your money with them. Interest is paid as a percentage of the money you put in the account at a certain rate commonly known as interest rate per annum. This means, if you have $1,000 in a savings account with an interest rate of 3% per annum, 3% of $1,000 is $30. At the end of one year, you will have $1,030 in your account. The more money you have in your savings account, the more interest you will earn.

A bank transaction is any money that has moved in and out of your savings account. For example, when you pay with your debit card, send money via PayNow or when your parents deposit money into your account. All these transactions will be recorded in your account, and you can view them via your mobile banking app (SC Mobile).

Fast And Secure Transfers (FAST) is an electronic funds transfer service that allows you send money from your bank account to another bank account in Singapore using an account number. To send money via FAST, you need to first Add Payee under Local payee type via SC Mobile where you will need to enter Payee Bank, Payee Name and Payee Account Number. Once you have added a payee successfully, you can send money by selecting ‘Local Transfer’ under Pay & Transfer tab in your SC Mobile.

PayNow is a simpler and faster way for you to send and receive money instantly from one bank account to another by using a mobile number, Singapore NRIC/FIN number or UEN (Unique Entity Number). You do not need to add your friend’s bank account details into your account when transferring money via PayNow.

Scan & Pay allows you to scan the retail shop’s QR code to make a payment. Be sure to key in the correct amount before approving the payment.

Read more: Scan And Pay – Standard Chartered Singapore

A debit card can be used to pay for things instead of cash. When you pay with a debit card, the amount will be deducted from your First$aver Account.

You can use it at any shop that accepts contactless payments with just a tap! You can also withdraw cash at any Standard Chartered ATMs in Singapore with your 5-digit PIN.

The debit card can be used to buy things online. You will be asked to enter your name, card number, card expiration date, and CVV (3 digit number found at the back of your card).

Keep your card safe and don’t share the information on the card with anyone. The card and the card information can be misused by other people to make transactions using your money without you knowing.
Here are the many ways you can use your debit card:

Tap on the Services tab located at the bottom right corner. Click on ‘Digital Services’ menu > ‘View All’ and select ‘Card Management > Debit/ATM Card Activation & PIN Set’. For more information, click here.

A NETS transaction is another way for you to allows you to make payments to at shops that accept NETS. You can do this with your First$aver debit card. You will be required to enter your 5-digit PIN to approve the NETS transaction

These are ways for you to make contactless payments using your card by waving or tapping your card at the payment terminal in shops which accept debit cards.

SC Mobile is a digital banking application for all your banking services. Access will be provided to parents and youths 13 years old and above. Simply download SC Mobile from the App Store/ Google Play Store.

Step 1: Download SC Mobile from the App Store/ Google Play Store.

Step 2: Select on “Login”

Step 3: Select on “New to Mobile Banking? Register here.”

Step 4: Select “Register with your temporary ID and SMS PIN”

Step 5: Read through the information provided on the page and accept the Terms and Conditions

Step 6: Enter your Temporary ID and Password. Click “Next” to create your personal login credentials.

Using SC Mobile, click on “Forgot?”. You will need to enter your debit card number and PIN. A temporary password will be sent to your mobile number registered with the Bank via SMS.

SC Mobile Key is a 6-digit PIN for you to authenticate your mobile/ online banking logins and transactions through your mobile device.

For more questions on mobile banking, click here:  Help & FAQ – Digital Services – Standard Chartered Singapore