Bank of China SmartSaver Reviews and Comparison - Seedly
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Bank of China SmartSaver

  • Overview
  • Reviews (8)
  • Questions (0)
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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 2020

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 :

  1. Card Spend - Bonus Interest of up to 0.50% p.a.
  2. Salary Crediting - Bonus Interest of up to 0.50% p.a.
  3. Bill Payment - Bonus Interest of up to 0.30% p.a.
  4. Extra Savings - Bonus Interest of up to 0.40% p.a. when you fulfill any of the previous 3 categories, and your account balance is less than S$1,000,000.

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.

Read More about Bank of China SmartSaver
Reviews (8)

4.3

8 Reviews

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  • Updated on 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

    Post
  • Updated on 08 Jul 2020

    Purchased

    Bank of China SmartSaver

    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

    Post
  • Updated on 08 Jul 2020

    Purchased

    Bank of China SmartSaver

    BOC has given me the best interest rates for a long time unfortunately currently rates are going down for all banks...

    0

    Post
  • Updated on 01 Mar 2020

    Purchased

    Bank of China SmartSaver

    [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

    Post
  • Updated on 09 Jun 2018
    switched 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

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Updated Interest Rates for BOC Smart Saver with effect from 1 August 2020

Category
(fulfilled monthly)

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.

The bonus interest rate per annum for BOC SmartSaver savings account comes with a few criteria:

  • Monthly spend on credit card
  • GIRO Payments of bills
  • Salary Crediting

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.
  • For bank balances above S$80,000, you can enjoy the extra savings bonus in addition to prevailing interest to earn up to 0.60% p.a.

Wealth Bonus Interest

  • A new bonus interest rate tier, BOC allows you to earn up to 1.50% p.a. when you purchase eligible BOC wealth products.
  • 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.

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.

(The assessment below is based on rates prior to the 1 August 2020 rate revision)

Pros

  • 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 0.60% 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 a BOC SmartSaver Savings Account?

  • Open a BOC Multi-Currency Savings Account and you will be automatically registered for BOC SmartSaver.
  • For more information visit BOC SmartSaver