Standard Chartered Bonus$aver Account Reviews and Comparison - Seedly
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Standard Chartered Bonus$aver Account

  • Overview
  • Reviews (9)
  • Questions (3)
  • More Details

Standard Chartered Bonus$aver Account

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

    Standard Chartered Bonus$aver Account

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

Details

Highest Interest Rates for Standard Chartered SCB Bonus$aver Savings Account

  • As of 1st April 2020, Standard Chartered has revised their interest rates for their savings account, Bonus$aver.
  • Highest possible interest rates to enjoy goes up to 3.88% p.a.
  • The base interest rate per annum for SCB Bonus$Saver savings account is 0.05%.
  • 4 types of transactions eligible to help you earn bonus interest rates: card spending, salary crediting, bill payments and investing or insuring.
    i. Spendings can help earn extra interest rates from 0.50 - 1.50% p.a.
    ii. Depositing your salary of at least S$3,000 helps earn interest rates of 1.00% p.a.
    iii. While insuring/investing can help add 1.28% p.a.

Bonus$aver is a savings account scheme by Standard Chartered Singapore.

Read More about Standard Chartered Bonus$aver Account
Reviews (9)

3.7

9 Reviews

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card spend

monthly credit

credited bonus

bank offerings

investment insurance

bonus saver

credit card

scb bonus

salary credit

bonus aver

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  • Updated on 21 Jan 2020

    Purchased

    Standard Chartered Bonus$aver Account

    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

    Standard Chartered Bonus$aver Account

    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

    08 Jan 2020

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

    Purchased

    Standard Chartered Bonus$aver Account

    [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

    Standard Chartered Bonus$aver Account

    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 (3)
Recent ActivityUnansweredTrending

OCBC 360 Account

Standard Chartered Bonus$aver Account

Interest Rates

Savings Accounts

Salary

Supplementary Retirement Scheme (SRS)

DBS Multiplier Account

Best Salary account in terms of interest rates, ETFs investing and SRS? Considering spending only via credit/debit cards, is ETFs investing viable?
Kenneth Lou
Kenneth Lou, Co-founder at Seedly
Level 9. God of Wisdom
Updated on 21 Apr 2020
Hi there KB, hope to answer your questions here together. I will answer them one by one so that it is clearer for you to understand them! Starting my job soon (salary~ 4k+SRS) and looking for bank account that is best in terms of interest rate, long term investing (Ireland domicile ETFs) and investing SRS funds. - I would say that you should consider getting a high yield salary crediting account, which will either be the following: DBS Multiplier, OCBC 360 or UOB ONE. Highly suggest you use this simple savings account calculator here! https://seedly.sg/tools/savings-account-calculator ! For the topic on SRS account opening - You can only open up a SRS account with any of the three local players, I have written about it at length at this post here: https://blog.seedly.sg/supplementary-retirement-scheme-account-opening/ - Inside, I have also added a Step-by-step guide to opening up your SRS account. I did it in less than 5 minutes on my iBanking site, which I am currently using DBS now. It is really simple and easy to do. Considering OCBC 360 or Standard Chartered Bonus saver or DBS Multiplier. I am inclined to SCB as it gives option to invest in LSE ETFs at low cost even though additional interest rate on investments doesn't apply to ETFs. Any suggestions? - I have used both the OCBC360 (Which is my main salary crediting account now) and DBS multiplier which I have since reduced and closed. - I use the OCBC360 paired with my OCBC 90N miles card which allows me to collect more miles and also - I invest in ETFs using my VICKERS account tied to my DBS account, and my own online brokerage (FSM) and robo-advisors on the side for US and international exposure Is SRS a separate account that can only be used to invest within SG market? - Yes it is a seperate account which will be created as an "Investment" account which will exist in your own iBanking portal!
Answer image preview
👍 1

Standard Chartered Bonus$aver Account

OCBC Bonus+ Savings Account

Savings Accounts

Standard Chartered Bonus$aver compared to OCBC bonus+ savings account? What's the difference and which is better?
It depends on your financial pattern. For OCBC Bonus + Savings, the higher interest is given based on balance that is left untouched. For Standard Chartered Bonus$aver, you need to fulfil a number of critiera, e.g. salary creditting, in order to get higher interest. Therefore, the better one is the one that fits into your needs. I share quality content on estate planning and financial planning here.
👍 0

Savings

Standard Chartered

Standard Chartered Bonus$aver Account

Savings Accounts

What are the main changes that have made the Standard Chartered BonusSaver account less attractive?
T
Thomas
Level 4. Prodigy
Answered on 03 Mar 2020
Hi Anon, They just changed their interest policy. On the whole if you are able to fulfil all their criterias, you can still get 3.88% p.a. on the first $100k in the account. But if you can't, take note of the following changes effective 1 April 2020: Base interest rate: 0.1% in old policy, vs 0.05% in new policy Minimum spending: $500/mth -- 0.88% in old policy, vs 0.50% in new policy $2000/mth -- 1.88% in old policy, vs 1.50% in new policy Salary credit: Same in old and new policy (1%) Bill payment: 0.25% in old policy, vs 0.10% in new policy Invest / Insure: 0.75% in old policy, vs 1.28% in new policy TLDR: Basically, their extra interest is shifted more to the invest/insure condition, so if you don't do any investment/insurance under SCB, then the interest you get will be worse off than before.
👍 1

Change in Interest Rates for SCB Bonus$aver, Standard Chartered Savings Account from April 2020

Standard Chartered Bank will begin charging its revised interest rates for the BonusSaver Savings Account from April 2020. This change will affect the prevailing interest rates, card spend, bill payments and invest/insure categories. All these changes are summarised in image above and thoroughly illustrated in the table below.

Interest rates for SCB BonusSaver before 1 Apr 2020

  • Prevailing Interest: 0.10%
  • Bonus interest rates for Card Spend: up to 1.88%
  • Bonus interest rates for Salary Crediting: 1.00%
  • Bonus interest rates for Bill Payments: 0.25%
  • Bonus interest rates for Investing / Insuring: 0.75%
  • Total possible interest rate: 3.88% p.a.

Interest rates for SCB BonusSaver AFTER 1 Apr 2020

  • Prevailing Interest: 0.05%
  • Bonus interest rates for Card Spend: up to 1.50%
  • Bonus interest rates for Salary Crediting: 1.00% (no change)
  • Bonus interest rates for Bill Payments: 0.10%
  • Bonus interest rates for Investing / Insuring: 1.28%
  • Total possible interest rate: 3.88% p.a. (no change)

For more information on how Standard Chartered's newest changes to SCB Bonus$aver affects you, check out our in-depth coverage of the Changes to the SCB BonusSaver Savings Account.

Elements

Previous bonus interest rates

Bonus Interest Rates from 1 April 2020 (on the first S$100,000)

Total Interest on your first S$100,000 eligible deposit balance

3.88% p.a.

3.88% p.a. (no change)

Card Spend (incl prevailing interest rate)

0.88% - 1.88% p.a.

0.50% - 1.50% p.a.

Salary Crediting

1.00% p.a.

1.00% p.a. (no change)

Investing / Insuring

0.75% p.a.

1.25% p.a.

SCB BonusSaver interest rates revision from 1 April 2020

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

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

1. Minimum monthly spend required on credit card for bonus interest:

  • Card spend between S$500 to S$2000 for bonus interest of 0.50%
  • Card spend S$2,000 and above for bonus interest of 1.50%

2. GIRO Payments of Bills

  • Pay 3 bills of at least S$50 each to enjoy a bonus interest of 0.10%

3. Salary Crediting

  • Credit salary of at least S$3,000 to enjoy bonus interest of 1.00%

4. Investment or insurance

  • Spends at least S$12,000 on insurance premium annually to enjoy 1.28% bonus interest
  • Have a subscription for Unit Trust of at least S$30,000 to enjoy 1.28% bonus interest

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

Want to know how SCB Bonus$aver compares with other savings accounts? Here's a compilation of The Best Savings Accounts in 2020.

Terms and fees for SCB Bonus$Saver Savings Account

  • Initial deposit: S$0
  • Minimum Average Daily Balance: S$3,000
  • Fall below fee: S$5 (chargeable if the minimum average daily balance falls below S$3,000)
  • Early closure fee: S$30 if below 6 months

Eligibility: who can apply?

Singaporeans, Permanent Residents and Foreigners

  • for Bonus$aver account and Bonus$aver Debit Card: at least 18 years old
  • for Bonus$aver account and Bonus$aver Credit Card: 21 - 65 years old

How to apply for SCB Bonus$aver

  • Apply Online (available with or without the usage of MyInfo)
  • or Visit a Standard Chartered branch