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Standard Chartered Bonus$aver Account

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Standard Chartered Bonus$aver Account

Up to 2.60% p.a.

INTEREST RATES

$0

MIN. INITIAL DEPOSIT

$3,000

MIN. AVG DAILY BALANCE

[PROMO] Get 1% interest p.a. Valid till 30 Sep 2021. T&Cs apply. Learn more below.

Standard Chartered Bonus$aver Account

Up to 2.60% p.a.

INTEREST RATES

$0

MIN. INITIAL DEPOSIT

$3,000

MIN. AVG DAILY BALANCE

[PROMO] Get 1% interest p.a. Valid till 30 Sep 2021. T&Cs apply. Learn more below.

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Standard Chartered SCB Bonus$aver Account Review 2021

From 1 December 2020, Standard Chartered has changed their interest rates for their popular SCB Bonus$aver Savings Account.

The highest possible interest rate which you can enjoy is up to 2.60% p.a. on the first S$80,000

The base interest rate per annum for SCB Bonus$aver Account is 0.03%.

These are the 5 types of transactions you can use to earn the bonus interest rates as well as the latest changes:

  • Card Spend: up to 0.60%p.a. for min spend of S$2,000
  • Salary Credit: 0.10% p.a. for no less than S$3,000 monthly salary deposit into your account via GIRO
  • Bill Payment: 0.07% p.a. for 3 eligible bill payments of minimum S$50
  • Insure: 0.90% p.a. for eligible insurance policy with a minimum annualised premium of S$12,000
  • Invest: 0.90% p.a. for eligible unit trust with minimum single subscription amount of S$30,000
Read More about Standard Chartered Bonus$aver Account
Reviews (12)

3.3

12 Reviews

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      Posted 25d ago

      Purchased

      Standard Chartered Bonus$aver Account

      I like SCB but the Bonus$aver account is not great in terms of the criteria to achieve the max interest rate. The majority of the potential interest come from the investment criteria (which only counts investments in Unit Trusts, not other investments) and insurance.

      0

      What are your thoughts?

      Reply

      Posted 11 Aug 2021

      Purchased

      Standard Chartered Bonus$aver Account

      [Customer Service] Does not support enquiries after 8pm. And they do not arrange call back service at all. So you need to call in and wait till someone answers the phone. There were several times the staff just answered and hung up.. I think they are swamped/ overloaded - but that's not how you should treat customer service! [Interest] Very low interest rate to just have savings parked there. I only used the savings account to pay SCB credit card bills. But the low rates do not seem to justify the parking area. So I might be migrating the funds somewhere else with better rates. Even though I spent $20k on hospital bills for 1 month, I still didn't get good rates for the spend unlike other cards with cash backs and interest rates. [Online Banking] Not sure if they have online closure of account. Will just consolidate credit card bills with another bank to pay SCB credit card bills..

      0

      What are your thoughts?

      Reply

      02 Mar 2021

      Purchased

      Standard Chartered Bonus$aver Account

      Good till 2019, you have better options post 2020.... Consider other options, yiu rec email every month on revision

      0

      What are your thoughts?

      Reply

      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

      What are your thoughts?

      Reply

      Posted 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

      Which change made it no longer attractive? can elaborate?

      What are your thoughts?

      Reply

    Discussions (0)
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      Exclusive Rewards

      Get 1% interest p.a.

      • Promotion is valid from 1 to 30 September 2021
      • Promotion is applicable to Standard Chartered Bonus$aver Account holders only
      • Min. deposit of S$50,000 upon account approval is required
      • Terms and Conditions apply
      • To apply, click on the "Apply Now" or "Visit Site" buttons

      Interest Rates for Standard Chartered Bonus$aver Savings Account 2021

      Standard Chartered BonusSaver Interest Rate Change December 2020

      Standard Chartered will be revising the interest rates for Bonus$aver savings account again, with effect from December 2020.

      • Prevailing Interest: 0.03%
      • Bonus interest rates for Card Spend:
        0.25% p.a. min spend S$500
        0.60% p.a. min spend S$2,000
      • Bonus interest rates for Salary Crediting: 0.10% p.a.
      • Bonus interest rates for Bill Payments: 0.07% p.a.
      • Bonus interest rates for Investing: 0.90% p.a.
      • Bonus interest rates for Insuring: 0.90% p.a.

      Highest possible interest rate: 2.60% p.a.

      Criteria

      Bonus Interest Rate on your first S$80,000

      Card Spend

      Up to 0.60% p.a. (S$2,000 monthly min spend)

       

      Up to 0.25% p.a. (S$500 monthly min spend)

      Salary Credit (of at least S$3,000)

      0.10% p.a.

      Bill Payment

      0.07% p.a.

      Invest

      0.90% p.a.

      Insure

      0.90% p.a.

      Total Interest on eligible balance

      2.60% p.a.

      Latest Standard Chartered BonusSaver Interest Rates

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

      How does Standard Chartered Bonus$aver work?

      BonusSaver is a high-interest savings account by Standard Chartered Singapore, SCB.

      Depositing money into your BonusSaver account while engaging in any one of the eligible categories will help you earn bonus interest rates on top of the base interest rate:

      • Monthly Card Spend on qualifying Standard Chartered debit or credit cards
      • Monthly Salary Crediting via GIRO
      • Bill Payments - At least 3 monthly GIRO payments of bills of at least S$50 each
      • Buying Insurance - policies of regular premium life insurance policy underwritten by Prudential with a minimum annual premium of S$12,000
      • Investing with Standard Chartered - in eligible unit trust with a minimum subscription sum of S$30,000

      Bonus interest is calculated at the end of each calendar month, based on the daily average balance in your Bonus$aver account. Interest will be credited 1 month after the transaction upon full payment of your credit card spend.

      You can check out Standard Chartered BonusSaver page for their BonusSaver Calculator.

      How to Maximise Interest Rates for SCB BonusSaver Savings Account?

      The highest interest rate accurable is 2.60% p.a. . To achieve this, the bonus interest rates per annum for SCB BonusSaver savings account comes with a few criteria:

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

      • Card spend between S$500 to S$2000 for bonus interest of 0.25%
      • Card spend S$2,000 and above for bonus interest of 0.60%

      2. Salary Crediting

      • Credit salary of at least S$3,000 to enjoy bonus interest of 0.10%

      3. GIRO Payments of Bills

      • Pay 3 bills of at least S$50 each to enjoy a bonus interest of 0.07%

      4. Invest

      • Buy an eligible insurance policy with a minimum annual premium of S$12,000 to enjoy 0.90% bonus interest (previously combined with Insure category)

      5. Insure

      • Buy at least S$30,000 worth of unit trusts to enjoy 0.90% bonus interest (previously combined with Invest category)

      *Bonus interest is only applicable to the first S$80,000 of your account balance.

      Is it Worth Opening a Standard Chartered BonusSaver Account?

      Considering the low-interest-rate environment that we're in right now.

      It is unlikely that this is the last time that Standard Chartered will review the interest rates for the BonusSaver account.

      Similarly, the other banks will also do so with their high-interest savings account.

      If you're already with Standard Chartered BonusSaver, you'll need to consider if it's worth the hassle of shifting everything (your salary crediting, bill payments, credit card payments, insurance, and etc.) against how much interest you can potentially get on an annual basis. Since there's no guarantee that the other banks won't revise their rates too.

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

      Alternatively, you could consider other alternatives like an insurance savings plan, which might allow you to earn even more interest than the best savings account in the market.

      Terms and Fees for SCB BonusSaver Account

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

      Eligibility: Who can Apply?

      Singaporeans, Permanent Residents, and Foreigners

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

      How to Apply for the BonusSaver Account?

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

      Contact Standard Chartered Bank Singapore

      • Tel: +65 6747 7000
      • Live Chat Messenger Service on their website

      Contact us at [email protected] should you require any assistance or spot any inaccuracies.

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