Standard Chartered Bonus$aver Account
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From 1 December 2020, Standard Chartered will be changing their interest rates for their popular SCB Bonus$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.
FYI: the interest rates before 1 April 2020 was an attractive 3.88% p.a. on the first S$100,000.
These are the 5 types of transactions you can use to earn the bonus interest rates as well as the latest changes:
Otherwise, the base interest rate per annum for SCB Bonus$Saver savings account is 0.03%.
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Bonus$aver is a high-interest savings account by Standard Chartered Singapore.
Depositing money into your BonusSaver account while engaging in any one of the eligible categories will help you earn bonus interest rates:
Standard Chartered will be revising the interest rates for Bonus$aver savings account again, with effect from 1 July 2020.
The changes are to the card spend, salary credit, and bill payment categories.
NEWEST Interest rates for SCB BonusSaver AFTER 1 December 2020
Highest possible interest rate: 2.60% p.a.
Bonus Interest Rate on your first S$80,000
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$3,000)
Total Interest on eligible balance
The bonus interest rate per annum for SCB Bonus$Saver savings account comes with a few criteria:
1. Minimum monthly spend required on credit card for bonus interest:
2. Salary Crediting
3. GIRO Payments of Bills
*Bonus interest is only applicable to the first S$80,000 in the bank account.
Considering the low-interest-rate environment that we're in right now.
It is unlikely that this is the last time that Standard Chartered will review the interest rates for the BonusSaver account.
Similarly, the other banks will also do so with their high-interest savings account.
If you're already with Standard Chartered BonusSaver, you'll need to consider if it's worth the hassle of shifting everything (your salary crediting, bill payments, credit card payments, insurance, and etc.) against how much interest you can potentially get on an annual basis. Since there's no guarantee that the other banks won't revise their rates too.
Want to know how SCB Bonus$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.
Singaporeans, Permanent Residents and Foreigners