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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 when you fulfill any 3 categories of Card Spend, Salary Crediting, or Payment. The base prevailing interest rate for this account is dependent 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 4 categories :
BOC SmartSaver also added a new bonus category, the Wealth Bonus interest - for you to earn an additional 1.50% p.a. when you purchase eligible BOC wealth products.
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Interest Rate (p.a.)
Card Spend ($500 - S$1,499)
Card Spend (above S$1,500)
Salary Crediting ($2,000 to $5,999)
Salary Crediting (above S$6,000)
Bill Payment (3 bills of at least S$30 each)
Extra Savings (At least ONE fulfilled condition, capped at balance of $1mil)
Wealth Bonus Interest (purchase eligible BOC wealth products)
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.
The bonus interest rate per annum for BOC SmartSaver savings account comes with a few criteria:
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:
GIRO Payments of Bills
Extra Savings Bonus
Wealth Bonus Interest
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.
(The assessment below is based on rates prior to the 1 August 2020 rate revision)