Standard Chartered Bonus$aver Account
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Bonus$aver is a savings account scheme by Standard Chartered Singapore.
Depositing money into your BonusSaver account while engaging in any one of the eligible categories will help you earn bonus interest rates:
Standard Chartered will be revising the interest rates for Bonus$aver savings account again, with effect from 1 July 2020. This change comes months after their recent April 2020 change.
The changes affected are the prevailing interest rates, card spend, and invest/insure categories.
All these changes are summarised in image above and thoroughly illustrated in the table below.
NEWEST Interest rates for SCB BonusSaver AFTER 1 July 2020
Interest rates for SCB BonusSaver after 1 April 2020
Interest rates for SCB BonusSaver before 1 Apr 2020
Bonus Interest Rate on your first S$80,000
Up to 0.80% p.a. (S$2,000 monthly min spend)
Up to 0.30% p.a. (S$500 monthly min spend)
Salary Credit (of at least S$3,000)
Total Interest on eligible balance
The bonus interest rate per annum for SCB Bonus$Saver savings account comes with a few criteria:
1. Minimum monthly spend required on credit card for bonus interest:
2. GIRO Payments of Bills
3. Salary Crediting
*Bonus interest is only applicable to the first S$100,000 in the bank account.
With the latest series of changes to savings accounts' interest rates, we believe that the benefits of savings accounts will be highly limited, Standard Chartered's BonusSaver included.
We are anticipating many other savings accounts to follow suit. As such, we will hold off making verdicts until the dust has settled.
(The assessment below is based on rates prior to the 1 July 2020 rate revision)
Singaporeans, Permanent Residents and Foreigners