Bank of China SmartSaver Account
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Summary
Bank of China SmartSaver Savings Account Review 2024
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 7.00% p.a. of bonus interest rates on the first S$100,000 of your account balance by fulfilling any 4 categories of Card Spend, Salary Crediting, Bill Payment, Wealth Bonus and Extra Savings. The base prevailing interest rate for BOC Savings Accounts range from 0.15% - 0.40% p.a., depending on the deposit amount. The more you deposit, the higher the prevailing interest rate.
Account Features & Details
1) Key Features
- Base interest rate of 0.15% p.a
- BOC offers higher tiered interest rates. Earn bonus interest rate when you fulfil the following criteria:
Salary Crediting Bonus Interest
- S$2,000 to S$6,000: 0.30% p.a
- S$6,000 and above: 0.50% p.a
Credit Card Spend Bonus Interest
- S$500 to S$1,500: 0.30% p.a
- S$1,500 and above: 0.50% p.a
Bill Payments Bonus Interest
- Only applicable to the first S$80,000 of account balance
- Complete 3 bill payments of at least S$30 each via GIRO or Internet Banking: 0.30% p.a
Extra Savings Interest
- Applicable to account balance between S$80,000 to S$1,000,000
- Enjoy 0.40% p.a bonus interest when you fulfil any of the Credit Card Spending, Salary Crediting, or Bill Payment requirement
Wealth Bonus Interest
- Applicable to first S$80,000 of account balance only
- Purchase an eligible Insurance product with minimum purchase amount of at least S$12,000: 1.50% p.a
2) Interest Rate
- Base interest rate: 0.05% p.a
- Max interest rate: 3.00% p.a
3) Eligibility
- Age: 18 years old and above
- Citizenship: Singaporeans, PRs, and Foreigners
- Minimum initial deposit: S$1,500
4) Fees
- Minimum average daily balance: S$1,500
- Fall below fee: S$3
- Early account closure: S$0
5) Application Process
How to apply?
- For Singaporeans and PR, click here to apply online
- Otherwise, you may apply for an account at any BOC branch
Supporting documents
- Singaporeans & PRs
- NRIC
- Additional document: Phone bill/ Half-yearly CPF Statement/ Any bank statement - Foreigners
- Passport
- Valid pass (e.g Employment Pass, S Pass, Student Pass)
- Additional document: Phone bill/ Half-yearly CPF Statement/ Any bank statement
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Summary
Bank of China SmartSaver Savings Account Review 2024
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 7.00% p.a. of bonus interest rates on the first S$100,000 of your account balance by fulfilling any 4 categories of Card Spend, Salary Crediting, Bill Payment, Wealth Bonus and Extra Savings. The base prevailing interest rate for BOC Savings Accounts range from 0.15% - 0.40% p.a., depending on the deposit amount. The more you deposit, the higher the prevailing interest rate.
Account Features & Details
1) Key Features
- Base interest rate of 0.15% p.a
- BOC offers higher tiered interest rates. Earn bonus interest rate when you fulfil the following criteria:
Salary Crediting Bonus Interest
- S$2,000 to S$6,000: 0.30% p.a
- S$6,000 and above: 0.50% p.a
Credit Card Spend Bonus Interest
- S$500 to S$1,500: 0.30% p.a
- S$1,500 and above: 0.50% p.a
Bill Payments Bonus Interest
- Only applicable to the first S$80,000 of account balance
- Complete 3 bill payments of at least S$30 each via GIRO or Internet Banking: 0.30% p.a
Extra Savings Interest
- Applicable to account balance between S$80,000 to S$1,000,000
- Enjoy 0.40% p.a bonus interest when you fulfil any of the Credit Card Spending, Salary Crediting, or Bill Payment requirement
Wealth Bonus Interest
- Applicable to first S$80,000 of account balance only
- Purchase an eligible Insurance product with minimum purchase amount of at least S$12,000: 1.50% p.a
2) Interest Rate
- Base interest rate: 0.05% p.a
- Max interest rate: 3.00% p.a
3) Eligibility
- Age: 18 years old and above
- Citizenship: Singaporeans, PRs, and Foreigners
- Minimum initial deposit: S$1,500
4) Fees
- Minimum average daily balance: S$1,500
- Fall below fee: S$3
- Early account closure: S$0
5) Application Process
How to apply?
- For Singaporeans and PR, click here to apply online
- Otherwise, you may apply for an account at any BOC branch
Supporting documents
- Singaporeans & PRs
- NRIC
- Additional document: Phone bill/ Half-yearly CPF Statement/ Any bank statement - Foreigners
- Passport
- Valid pass (e.g Employment Pass, S Pass, Student Pass)
- Additional document: Phone bill/ Half-yearly CPF Statement/ Any bank statement
Bank of China SmartSaver
Bank of China SmartSaver
Up to 3.50% p.a.
INTEREST RATES
$1,500
MIN. INITIAL DEPOSIT
$1,500
MIN. AVG DAILY BALANCE
3.8
13 Reviews
High to Low
Posted 08 Dec 2023
Purchased
Bank of China SmartSaver
Bank if china is the bank that secured and only one mobile can log in itself highly recommend and the service is 24hours when u call in0
What are your thoughts?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
What are your thoughts?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
What are your thoughts?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?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
What are your thoughts?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
What are your thoughts?07 Apr 2018
Interests are based on min amount ($60,000), good choice if your salary is >6,000 due to salary credit (1.6% for SALA >6,000 via Giro). And you are eligible when meet 1 of 3 criteria. But bill payment must be >$35 per bill for getting the 0.8% interest and card spending 1,500 per month. BOC extended the # of ATMs and share ATMs with Maybank when you see the logo "ATM 5", you can find 3 nearby ATMs if stay in Serangoon and AMK due to new branch in AMK HUB L3 and 2 ATMs in NEX shopping mall.0
What are your thoughts?28 Feb 2018
Switched over from ocbc360 and no regrets. just park extra cash here and pay 3 bills and earn more interest than ocbc. cap at 100k and more int beyond 60k. cons is their PRC based call centre and online banking interface. it's are not tech savvy and so don't expect much. hard to find atm but it's good cos it means u can't withdraw.0
What are your thoughts?28 Jan 2018
An "upgraded version" of OCBC's 360 account. Harder to hit, lower cap at $60k. But its credit cards offerings are much more dynamic: BOC Family: same as OCBC 365, but 1-2% higher rebate. Some cards offering dual currency (SGD/RMB or SGD/USD). Some cards with no foreign transaction fee.0
What are your thoughts?Posted 03 Jul 2024
Purchased
Bank of China SmartSaver
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.0
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Updated Interest Rates for BOC Smart Saver
Category | Interest Rate (p.a.) |
|---|---|
Card Spend ($500 - S$1,499) | 0.50% |
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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