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Bank of China SmartSaver
Up to 3.55% p.a.
INTEREST RATES
$1,500
MIN. INITIAL DEPOSIT
$1,500
MIN. AVG DAILY BALANCE
Bank of China SmartSaver
Up to 3.55% p.a.
INTEREST RATES
$1,500
MIN. INITIAL DEPOSIT
$1,500
MIN. AVG DAILY BALANCE
Details
Bank of China SmartSaver Savings Account Review 2021
Bank of China (BOC) SmartSaver is a savings plan for BOC Multi-Currency Savings (MCS) account holders to earn bonus interests on top of the prevailing interests. Stand to earn up to 3.00% p.a. of bonus interest rates on the first S$80,000 of your account balance by fulfilling any 4 categories of Card Spend, Salary Crediting, Bill Payment, or Wealth Bonus.
The base prevailing interest rate for BOC Savings Accounts range from 0.10% - 0.50% p.a., depending on the deposit amount. The more you deposit, the higher the prevailing interest rate.
To be eligible for bonus interest rates, account holders have to fulfill at least one of 5 categories :
- Card Spend - Bonus Interest of up to 0.50% p.a.
- Salary Crediting - Bonus Interest of up to 0.50% p.a.
- Bill Payment - Bonus Interest of up to 0.30% p.a.
- Extra Savings - Bonus Interest of up to 0.40% p.a. when you fulfill any of categories 1 to 3, and have your account balance less than S$1,000,000.
- Wealth Bonus - Bonus Interest of up to 1.50% p.a. for 12 months when you purchase eligible wealth products
4.3
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- 08 Jul 2020
Purchased
Bank of China SmartSaver
Hi, Honestly I'm quite impressed with their customer service. They tend to converse over the phone rather than emails which is good as requests can be done faster. However, their online banking is lagging behind as compared to the local banks. Their interest rates for their savings account kind of makes up for it. Just do your homework and if you are okay with less than satisfactory online user interface, then BOC isn't that bad.0
What are your thoughts?Reply
- Have been with them for about 3 years, I won't said it's a perfect bank as honestly their customer support and online banking are not below average, in fact, if you want a fancy banking website/app then you are not in the right place. What makes me stay with them is their interest rate, althought they adjusted their interests rate before, but It still remains as the highest intx return among other bank (based on my own condition).
0
What are your thoughts?Reply
- [Application Process] Easy application done through online and the account was created. No fuss. [Interest] BOC's SmartSaver provides the highest interest rate amongst the competition provided you meet the conditions. So, do check that out. More importantly, is to ensure that you meet the necessary threshold for each of the conditions then sign up for it to ensure maximum benefits.
0
What are your thoughts?Reply
- 09 Jun 2018switched over for a few months between the transition between 360 and Multiplier account. when it first came out, this was so much better than the 360 in terms of the interest rates. However, when the deal is too good, likely it's not sustainable and they revised shortly afterwards. As for the reason why i switched over to Multiplier, now i don't strive for a minimum spending monthly.
0
What are your thoughts?Reply
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Updated Interest Rates for BOC Smart Saver
Category | Interest Rate (p.a.) |
|---|---|
Card Spend ($500 - S$1,499) | 0.30% |
Card Spend (above S$1,500) | 0.50% |
Salary Crediting ($2,000 to $5,999) | 0.30% |
Salary Crediting (above S$6,000) | 0.50% |
Bill Payment (3 bills of at least S$30 each) | 0.35% |
Extra Savings (At least ONE fulfilled condition, capped at balance of $1mil) | 0.40% |
Wealth Bonus Interest (purchase eligible BOC wealth products) | 1.50% |
How to maximise the interest rate for Bank of China SmartSaver Savings Account?
The base interest rate per annum for BOC SmartSaver savings account depends on the account balance. The more you deposit, the higher the prevailing interest rate.
Prevailing Interest Rates for BOC Savings Accounts
- For Account Balances Below $20,000: 0.10% p.a.
- For Account Balances between S$20,000 to S$100,000: 0.15% p.a.
- For Account Balances above S$100,000: 0.20% p.a.
To be eligible for bonus interest rates, account holders have to fulfill at least one of 5 categories :
- Card Spend - with a minimum monthly card spend requirement of S$500 on eligible BOC Debit or Credit Cards
- Salary Crediting - with a minimum monthly salary crediting of S$2,000
- Bill Payment - with 3 GIRO Bill Payments of at least S$30 each
- Wealth Bonus - Bonus Interest of up to 1.50% p.a. for 12 months when you purchase eligible wealth products
- Extra Savings - Bonus Interest of up to 0.40% p.a. when you fulfill any of categories 1 to 3, and have your account balance less than S$1,000,000.
Bonus interest is only applicable to the first S$80,000 in the bank account. With the exception of Extra savings bonus interest.
All account Balances aboveS$1,000,000 will only earn the prevailing interest rates
Minimum monthly spend required on a credit card for bonus interest:
- Card spend between S$500 to S$1,499 for bonus interest of 0.30% (previously 0.80%)
- Card spend S$1,500 and above for bonus interest of 0.50% (previously 1.60%)
Salary Crediting
- Credit salary of between S$2,000 to S$5,999 to enjoy bonus interest of 0.30% (previously 0.80%)
- Credit salary of more than S$6,000 to enjoy bonus interest of 0.50% (previously 1.20%)
GIRO Payments of Bills
- Pay 3 bills of at least S$30 each to enjoy a bonus interest of 0.30% (previously 0.35%)
Extra Savings Bonus
- Get 0.40% p.a. (previously 0.60%) when you have fulfilled at least one of the requirements for either Card Spend, Salary Crediting, or Payment bonus interest.
- The Extra Savings Bonus is applicable for account balances up to S$1,000,000.
Wealth Bonus Interest
- A new bonus interest rate tier, BOC allows you to earn up to 1.50% p.a. for 12 months, when you purchase eligible BOC wealth products, for your first S$80,000.
- You must meet the required minimum placement amount to enjoy the bonus interest rate after 1 August 2020.
- The minimum placement amount to qualify for the Wealth Bonus Interest may differ for different products.
- Wealth bonus is applicable to the first S$80,000 of your MCS account balance only.
Is BOC SmartSaver the Best Savings Account for You in 2020?
With the newest revision to interest rates, the benefits of BOC Smart Saver will become highly limited. However, its rates are better than some of the other Savings Accounts that also recently changed their bonus interest rates.
With BOC and many other banks changing their interest rates for their savings accounts, We will refrain from making further conclusions until the dust has settled.
Pros
- At at least 0.10% p.a., the prevailing base interest rates for BOC Savings Accounts are generally higher than other savings accounts
- The extra bonus interest rates are relatively easy to achieve especially if you spend at least S$500 a month and credit your salary of at least S$2,000
- Bank of China also rewards account holders with large balances with their Extra Savings bonus at 0.40% p.a. , whereas other banks tend to keep their rates very low for large account balances (for account balance above S$80,000 to S$1,000,000).
Cons
- Difficult to locate a Bank of China ATM when you need it
- Not ideal for people who are looking for a simple, fuss-free savings account to stash and park money.
Want to know how Bank of China SmartSaver compares with other Savings Accounts? Here's a compilation of The Best Savings Accounts in 2020.
Terms and fees for BOC SmartSaver Savings Account
- Initial deposit: S$1,500
- Minimum Average Daily Balance: S$1,500
- Fall below fee: S$3
- Early closure fee: S$30
Eligibility: who can apply for BOC SmartSaver Savings Account?
- Minimum required age: 18 years old
- Citizenship status: Singapore Citizens, Permanent Residents, and Foreigners with valid documents e.g. work permit.
How to Apply for BOC SmartSaver?
- Open a BOC Multi-Currency Savings Account and you will be automatically registered for BOC SmartSaver.
- For more information visit BOC SmartSaver website via the 'Visit Site' button above
- 24-hour Customer Service Tel: 1800 66 95566
- Address: 4 Battery Road, Bank of China Building, Singapore 049908
Contact us at [email protected] should you require any assistance or spot any inaccuracies.
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