SCB Bonus$Saver Reviews and Comparison - Seedly
SCB Bonus$Saver
3 reviews
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  • Attractive interest when we are able to optimize the card spending to get 1.88%. And funding gift with Bose ear piece is something that I m looking for
  • Very high interest if you are able to hit the card spend and the various criterias. The sign up gift was very attractive especially the funding promotion for a Bose earpiece
  • Updated on 13 Jun 2019
    I have been using the SCB Bonus Saver since i graduated and started working in August 2017. I understand that most people prefer to stick to DBS or use OCBC 360 because it is one of the more popular and safer options out there. But upon careful research, i realised that the SCB Bonus$aver has one of the most attractive bonus interest rates out there and would like to leave a positive but neutral review to educate fellow Seedly users. Currently, i am getting 1.88% with the SCB and this 1.88% stems from a 1% salary credit (which incidentally must be more than $3000 credited with a SAL code, your HR employer will know what this is.), a 0.78% card spend (all Mastercard Or Paypass spend, NETS and Transitlink expenditure is NOT included.) as well as the prevailing base interest of 0.1% (this means that lest you are unable to qualify for the salary credit and card spend, you will only qualify for a paltry 0.10%.) I do not have 3 bills monthly to pay hence i am missing out on a further 0.25% (3 bills of $50 each.) and could be earning up to 2.13% (1.88%+0.25%). However, assuming i have a monthly credit card bill as well as a phone bill/internet bill to pay, this will be attainable in the near future. Explaining further in depth, i understand that the 1% salary credit as well as the requirement to take home $3000, which requires a gross pay of around $3750 and above might be unattainable for fresh graduates, yet the unique selling factor for me is the 0.78% that you can qualify for from simply spending 500 dollars monthly. This can be achieved by offering to pay for your meals with friends or families, by inculcating a good habit of using your VISA/MASTERCARD wherever you go and only using cash when absolutely necessary. With insurance companies offering 3 year endowment plans in the range of 2-2.5%, i highly rate the 1.88%-2.13% that can be obtained, coupled with the instant liquidity of having these funds inside your Bonus$aver should you require to take out money for investment or insurance payment purposes. Moreover, you can also sign up for the SCB Online Banking which has cheaper brokerage costs as it does not have a CDP account (instead it uses SC's own custodian). This helps to have both your Bonus$aver account as well as trading securities on a single Banking App, as well as for internal transfers. I am someone who prefers having as minimal cards as possible to give myself greater convenience instead of tracking various cards to see if i have qualified for the respective criteria monthly, and recommend the SCB Bonus$aver to both credit your salary as well as spend on it.
    1 comment
    Jzin Tan
    Jzin Tan

    10 Feb 2019

    It'll be more convenient when SCB reverts to syncing with the Seedly app atm.
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Bank Account

DBS Multiplier

SCB Bonus$Saver

Yinghua Liu
Yinghua Liu
Level 4. Prodigy
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 $50 each, investing min 30k or insurance (eligible for first 12 months only). You can also look at other high interest savings accounts such as UOB ONE (no salary credit required), OCBC 360 etc before deciding. Personally, I have UOB ONE and DBS Multiplier accounts to complement each other.
About SCB Bonus$Saver
Min Rate0.1%
Max Rate3.88%
Min Initial Deposit$0
Interest TiersBased on Salary credit and 4 category transactions (card spend, bills, insurance, investments)

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