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

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  • Reviews (9)
  • Questions (1)
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Savings Accounts/Standard Chartered Bonus$aver Account
Savings Accounts/Standard Chartered Bonus$aver Account

Standard Chartered Bonus$aver Account

3.7
9 reviews
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Savings Accounts/Standard Chartered Bonus$aver Account

Standard Chartered Bonus$aver Account

3.7
9 reviews

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
Reviews (9)

3.7

9 Reviews

  • 5
    4
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    1
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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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  • B
    Bayle
    Level 4. Prodigy
    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
  • T
    Tay
    Level 3. Wonderkid
    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?
  • J
    juan
    Level 3. Wonderkid
    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
  • Teck Lun
    Teck Lun
    Level 3. Wonderkid
    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
  • Lynette Koh
    Lynette Koh
    Level 4. Prodigy
    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

Standard Chartered

Standard Chartered Bonus$aver Account

Savings Accounts

2 answers
T
Thomas
Level 4. Prodigy
Answered 4w ago
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 $2000/mth -- 1.88% in old policy, vs 1.50% in new policy Salary credit: Same in old and new policy (1%) Bill payment: 0.25% in old policy, vs 0.10% in new policy Invest / Insure: 0.75% in old policy, vs 1.28% in new policy TLDR: Basically, their extra interest is shifted more to the invest/insure condition, so if you don't do any investment/insurance under SCB, then the interest you get will be worse off than before.
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How to maximise the interest rate for SCB Bonus$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