SCB Bonus$Saver Reviews and Comparison - Seedly
 

SCB Bonus$Saver

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  • Reviews (8)
  • Questions (1)
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SCB Bonus$Saver

Up to 3.88% p.a.
INTEREST RATES
None
MIN. INITIAL DEPOSIT
$3,000
MIN. AVG DAILY BALANCE

    SCB Bonus$Saver

    Up to 3.88% p.a.
    INTEREST RATES
    None
    MIN. INITIAL DEPOSIT
    $3,000
    MIN. AVG DAILY BALANCE
Reviews (8)

3.8

8 Reviews

  • 5
    4
  • 4
    1
  • 3
    1
  • 2
    1
  • 1
    1

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card spend

scb bonus

investment insurance

monthly credit

credited bonus

bonus aver

credit card

requires card

bonus requires

high bonus

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  • Updated 6d ago

    Purchased

    SCB Bonus$Saver

    Despite its name, the SCB Bonus$aver awards higher bonus interest to those that spend more, with a minimum monthly credit card spend of $2,000 required to unlock the highest bonus interest tier. [What I like] • Effective interest rate of 3.13% without requiring loans, insurance or investments • High balance cap of $100k (exceeds SDIC deposit insurance coverage) [What I don't like] • High bonus interest requires significant card spend of $2,000 a month • Bonus interest takes one month to be credited - e.g. the bonus interest for January is credited at the end of February --------------------------
    0 comments
    0
  • Posted on 24 Dec 2019

    Purchased

    SCB Bonus$Saver

    Good when it started. Then they started to change the terms and conditions for the bonus interest and it is no longer attractive. Will come back if it is better than their competitors
    1 comment
    0
    Mujimoro
    Mujimoro

    3w ago

    Which change made it no longer attractive? can elaborate?
  • Posted on 10 Dec 2019

    Purchased

    SCB Bonus$Saver

    [Salary Crediting] Used bonus saver account to earn the bonus interest on my savings. Need to month keep track of my expenditure and bill payment. With the effort put in, i managed to get 2.13% per annum interest on my savings. Not bad
    0 comments
    0
  • Posted on 10 Dec 2019

    Purchased

    SCB Bonus$Saver

    Great account to boost the interest for your savings at 0 risk. Some effort required though to track the expenses, bill payment. [Interest]
    0 comments
    0
  • Posted on 26 Nov 2019
    This saving account is no longer competitive with all their changes and other banks are offering better rates. Silly me signed for some 15 year long endowment for additional interest rates some 5 years ago, and totally regretting it now.
    0 comments
    0
Questions (1)

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Savings

Bank Account

DBS Multiplier

SCB Bonus$Saver

Yinghua Liu
Yinghua Liu
Level 5. Genius
Answered on 23 Jun 2019
I would recommend that you take a look at what categories/criteria you are able to fulfil before making a decision. DBS Multiplier gives 1.55% interest when you credit your salary and spend any amount (no min, only 1 transaction per calendar month) on your credit card each month Other criteria to increase your interest would be investment (you can read up on the SSB ladder hack or Invest saver (eligible for first 12months only)), home loan and insurance. Also the amount transacted per month also increase your interest rate (the more you transacted through DBS, the higher the interest) But if you spend more on credit card ($500) a month, SCB would be a better choice (1.78% interest) Other criteria to increase your interest would be Paying bills of at least $50 each, investing min 30k or insurance (eligible for first 12 months only). You can also look at other high interest savings accounts such as UOB ONE (no salary credit required), OCBC 360 etc before deciding. https://blog.seedly.sg/best-savings-accounts-singapore/ Personally, I have UOB ONE and DBS Multiplier accounts to complement each other.

How to maximise the interest rate for SCB Bonus$Saver Savings Account?

Base interest rate(%) p.a.

The base interest rate per annum for SCB Bonus$Saver savings account depends on the account balance.

  • The base interest is 0.1% for account balance below S$200,000
  • The base interest is 0.2% for account balance above S$200,000

Bonus Interest Rate(%) p.a

The bonus interest rate per annum for SCB Bonus$Saver savings account comes with a few criteria:

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

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

  • Card spend between S$500 to S$2000 for bonus interest of 0.80%
  • Card spend S$2,000 and above for bonus interest of 1.78%

GIRO Payments of Bills

  • Pay 3 bills of at least S$50 each to enjoy bonus interest of 0.25%

Salary Crediting

  • Credit salary of at least S$3,000 to enjoy bonus interest of 1.0%

Investment or insurance

  • Spends at least S$12,000 on insurance premium annually to enjoy 0.75% bonus interest
  • Have a subscription for Unit Trust of at least S$30,000 to enjoy 0.75% bonus interest

*Bonus interest is only applicable to the first S$100,000 in the bank account.

Terms and fees for SCB Bonus$Saver Savings Account

  • Initial deposit: S$0
  • Citizenship status: Singaporeans, PRs and foreigners
  • Minimum age to open account: 21
  • Minimum Average Daily Balance: S$3,000
  • Fall below fee: S$5
  • Early closure fee: S$30 if below 6 months