BOC SmartSaver

BOC SmartSaver

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Ratings Breakdown (4)

  • 5
  • 4
  • 3
  • 2
  • 1
Min Rate0.05%
Max Rate3.55%
Min Initial Deposit$1,500
Interest TiersBased on Salary credit, account balance and 2 category transactions (card spend and bills)
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  • ZhanQing Koh
    ZhanQing Koh
    Level 3. Wonderkid
    Reviewed 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.
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  • George Dong
    George Dong
    Level 2. Rookie
    Reviewed on 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.
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  • Kristen Lim
    Kristen Lim
    Level 1. Freshie
    Reviewed on 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.
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  • Png Cheng Xi Damien
    Png Cheng Xi Damien
    Level 4. Prodigy
    Reviewed on 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.
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How to maximise the interest rate for Bank of China SmartSaver Savings Account?

Base interest rate(%) p.a.

The base interest rate per annum for BOC SmartSaver savings account depends on the account balance.

  • The base interest is 0.25% for account balance below S$5,000
  • The base interest is 0.275% for account balance above S$5,000
  • The base interest is 0.35% for account balance above S$20,000
  • The base interest is 0.4% for account balance above S$50,000
  • The base interest is 0.475% for account balance above S$100,000

Bonus Interest Rate(%) p.a

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

Here are the minimum monthly spend required on credit card for bonus interest:

  • Card spend between S$500 to S$1,499 for bonus interest of 0.80%
  • Card spend S$1,500 and above for bonus interest of 1.60%

GIRO Payments of Bills

  • Pay 3 bills of at least S$30 each to enjoy bonus interest of 0.35%

Salary Crediting

  • Credit salary of between S$2,000 to S$5,999 to enjoy bonus interest of 0.80%
  • Credit salary of more than S$6,000 to enjoy bonus interest of 1.20%

*Bonus interest is only applicable to the first S$60,000 in the bank account.

Extra Savings Bonus

  • For bank balance above S$60,000, there will be a 0.60% bonus interest on the excess

Terms and fees for BOC SmartSaver Savings Account

  • Initial deposit: S$1,500
  • Citizenship status: Singaporeans, PRs and foreigners
  • Minimum age to open account: 18
  • Minimum Average Daily Balance: S$1500
  • Fall below fee: S$3
  • Early closure fee: S$30 if below 6 months