Standard Chartered Bonus$aver Account

How does SCB BonusSaver work?

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:

• Monthly spend on qualifying Standard Chartered credit cards
• Monthly salary crediting via GIRO
• Monthly GIRO payments of bills of a minimum amount
• Buying insurance
• Making an investment with Standard Chartered

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

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

• 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.

Standard Chartered BonusSaver Interest Rates from December 2020

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.

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:

1. Minimum monthly spend required on 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 in the bank account.

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 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