Standard Chartered Bonus$aver Account
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2.9
15 reviews
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This product has not been claimed by the company yet.
Summary
Standard Chartered Bonus$aver Account Review 2024
Product Page Transparency
- Pays to access additional features
Account Features & Details
1) Key Features
- Earn base interest rate of 0.01% p.a on your deposit ammount
- Enjoy up to 4.88% p.a interest rate on the first S$100,000 average daily balance
- Bonus interest is accrued daily and will be credited at the end of each month
- Get access to multi-currency feature of up to 14 currencies from your Bonus$aver account with S$0 overseas transaction fee
2) Interest Rates
- Base interest rate: 0.01% p.a
- Max interest rate: 4.88%
- Bonus interest rates on your first S$100,000 account balance :
- Spend at least S$500 or S$2,000 on Bonus$aver Credit/Debit card: 0.60% p.a or 1.60% p.a respectively
- Crediting salary of at least S$3,000 via GIRO: 1.20% p.a
- Purchase an eligible new unit trust investment: 1.00% p.a for 12 months
- Purchase a regular premium insurance product: 1.00% p.a for 12 months
- Pay 3 unique bills online or via GIRO: 0.07% p.a
3) Eligibility
- Age: 21 years old and above
- Citizenship: Singaporeans, PRs, or Foreigners
- Minimum initial deposit: N.A
4) Fees
- Minimum average monthly balance: S$3,000
- Fall below fee: S$5
- Monthly service charge: S$0
- Early account closure: S$30 (for account closures within 6 months)
- Unarranged overdraft: prime +5%, minimum S$5
- Cheque book charges: S$10 (issued upon request)
4) Application Process
How to apply?
- Apply online through Standard Chartered’s website
Supporting documents
- No documents required for existing Standard Chartered Credit Card holders (for Singaporeans, PRs, and Foreigners) unless there is a change in your annual income
- New Singaporeans and PRs customers
- NRIC (back and front)
- Latest computerised payslip or 6 months CPF Contribution History Statement
- Latest Tax Notice of Assessment (NOA) to be considered for a higher loan amount
- Required identification and income documents can be accessed through Singpass MyInfo - New Foreigner customers
- Copy of passport (at least 6 months validity)
- Copy of Employment Pass
- Latest utility bill/rates bill/taxt bill/bank statement/credit card statement
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Summary
Standard Chartered Bonus$aver Account Review 2024
Product Page Transparency
- Pays to access additional features
Account Features & Details
1) Key Features
- Earn base interest rate of 0.01% p.a on your deposit ammount
- Enjoy up to 4.88% p.a interest rate on the first S$100,000 average daily balance
- Bonus interest is accrued daily and will be credited at the end of each month
- Get access to multi-currency feature of up to 14 currencies from your Bonus$aver account with S$0 overseas transaction fee
2) Interest Rates
- Base interest rate: 0.01% p.a
- Max interest rate: 4.88%
- Bonus interest rates on your first S$100,000 account balance :
- Spend at least S$500 or S$2,000 on Bonus$aver Credit/Debit card: 0.60% p.a or 1.60% p.a respectively
- Crediting salary of at least S$3,000 via GIRO: 1.20% p.a
- Purchase an eligible new unit trust investment: 1.00% p.a for 12 months
- Purchase a regular premium insurance product: 1.00% p.a for 12 months
- Pay 3 unique bills online or via GIRO: 0.07% p.a
3) Eligibility
- Age: 21 years old and above
- Citizenship: Singaporeans, PRs, or Foreigners
- Minimum initial deposit: N.A
4) Fees
- Minimum average monthly balance: S$3,000
- Fall below fee: S$5
- Monthly service charge: S$0
- Early account closure: S$30 (for account closures within 6 months)
- Unarranged overdraft: prime +5%, minimum S$5
- Cheque book charges: S$10 (issued upon request)
4) Application Process
How to apply?
- Apply online through Standard Chartered’s website
Supporting documents
- No documents required for existing Standard Chartered Credit Card holders (for Singaporeans, PRs, and Foreigners) unless there is a change in your annual income
- New Singaporeans and PRs customers
- NRIC (back and front)
- Latest computerised payslip or 6 months CPF Contribution History Statement
- Latest Tax Notice of Assessment (NOA) to be considered for a higher loan amount
- Required identification and income documents can be accessed through Singpass MyInfo - New Foreigner customers
- Copy of passport (at least 6 months validity)
- Copy of Employment Pass
- Latest utility bill/rates bill/taxt bill/bank statement/credit card statement
Standard Chartered Bonus$aver Account
Standard Chartered Bonus$aver Account
Up to 4.88% p.a.
INTEREST RATES
$0
MIN. INITIAL DEPOSIT
$3,000
MIN. AVG DAILY BALANCE
Reviews (15)
2.9
15 Reviews
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Posted 10 Dec 2019
Purchased
Standard Chartered Bonus$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
What are your thoughts?Posted 19 Sep 2019
Attractive interest when we are able to optimize the card spending to get 1.88%. And funding gift with Bose ear piece is something that I m looking for0
What are your thoughts?Posted 19 Sep 2019
Very high interest if you are able to hit the card spend and the various criterias. The sign up gift was very attractive especially the funding promotion for a Bose earpiece0
What are your thoughts?13 Jun 2019
I have been using the SCB Bonus Saver since i graduated and started working in August 2017. I understand that most people prefer to stick to DBS or use OCBC 360 because it is one of the more popular and safer options out there. But upon careful research, i realised that the SCB Bonus$aver has one of the most attractive bonus interest rates out there and would like to leave a positive but neutral review to educate fellow Seedly users. Currently, i am getting 1.88% with the SCB and this 1.88% stems from a 1% salary credit (which incidentally must be more than $3000 credited with a SAL code, your HR employer will know what this is.), a 0.78% card spend (all Mastercard Or Paypass spend, NETS and Transitlink expenditure is NOT included.) as well as the prevailing base interest of 0.1% (this means that lest you are unable to qualify for the salary credit and card spend, you will only qualify for a paltry 0.10%.) I do not have 3 bills monthly to pay hence i am missing out on a further 0.25% (3 bills of $50 each.) and could be earning up to 2.13% (1.88%+0.25%). However, assuming i have a monthly credit card bill as well as a phone bill/internet bill to pay, this will be attainable in the near future. Explaining further in depth, i understand that the 1% salary credit as well as the requirement to take home $3000, which requires a gross pay of around $3750 and above might be unattainable for fresh graduates, yet the unique selling factor for me is the 0.78% that you can qualify for from simply spending 500 dollars monthly. This can be achieved by offering to pay for your meals with friends or families, by inculcating a good habit of using your VISA/MASTERCARD wherever you go and only using cash when absolutely necessary. With insurance companies offering 3 year endowment plans in the range of 2-2.5%, i highly rate the 1.88%-2.13% that can be obtained, coupled with the instant liquidity of having these funds inside your Bonus$aver should you require to take out money for investment or insurance payment purposes. Moreover, you can also sign up for the SCB Online Banking which has cheaper brokerage costs as it does not have a CDP account (instead it uses SC's own custodian). This helps to have both your Bonus$aver account as well as trading securities on a single Banking App, as well as for internal transfers. I am someone who prefers having as minimal cards as possible to give myself greater convenience instead of tracking various cards to see if i have qualified for the respective criteria monthly, and recommend the SCB Bonus$aver to both credit your salary as well as spend on it.1
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Posted 10 Dec 2019
Purchased
Standard Chartered Bonus$aver Account
[Salary Crediting] Used bonus saver account to earn the bonus interest on my savings. Need to month keep track of my expenditure and bill payment. With the effort put in, i managed to get 2.13% per annum interest on my savings. Not bad0
What are your thoughts?Posted 03 Jul 2024
Purchased
Standard Chartered Bonus$aver Account
Earn base interest rate of 0.01% p.a on your deposit amount Enjoy up to 4.88% p.a interest rate on the first S$100,000 average daily balance0
What are your thoughts?Posted 01 Sep 2021
Purchased
Standard Chartered Bonus$aver Account
I like SCB but the Bonus$aver account is not great in terms of the criteria to achieve the max interest rate. The majority of the potential interest come from the investment criteria (which only counts investments in Unit Trusts, not other investments) and insurance.0
What are your thoughts?21 Jan 2020
Purchased
Standard Chartered Bonus$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 $2,000 a month • Bonus interest takes one month to be credited - e.g. the bonus interest for January is credited at the end of February0
What are your thoughts?Posted 24 Dec 2019
Purchased
Standard Chartered Bonus$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 competitors1
What are your thoughts?Which change made it no longer attractive? can elaborate?
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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 revision0
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Exclusive Rewards
Get Apple Bundle (Airpods Gen 3 + Air Tags) or S$250 Cash via PayNow
- Maintained min. funds balance of S$50k (fresh or new) in Bonus$aver Account until end of calendar month immediately after the calendar month in which Bonus$aver Account is opened
- Applicable to New-to-Product customers (i.e. must not have had a previous Bonus$aver Account and/or Bonus$aver Credit Card account suspended, cancelled or terminated in the last 12 months)
- Valid until 2nd October 2022
- Terms and conditions apply
Interest Rates for Standard Chartered Bonus$aver Savings Account 2022
Standard Chartered will be revising the interest rates for Bonus$aver savings account again
- Card Spend: 1.61% p.a. for min spend of S$2,000
- Salary Credit: 1.20% 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: 1.00% p.a. for an eligible insurance policy with a minimum annualised premium of S$12,000
- Invest: 1.00% p.a. for eligible unit trust with a minimum single subscription amount of S$30,000
Criteria | Bonus Interest Rate on your first S$100,000 |
|---|---|
Card Spend | 1.61% p.a. for min spend of S$2,000 |
Salary Credit (of at least S$3,000) | 1.20% p.a. |
Bill Payment | 0.07% p.a. |
Invest | 1.00% p.a. |
Insure | 1.00% p.a. |
Total Interest on eligible balance | 4.88% p.a. |
Latest Standard Chartered BonusSaver Interest Rates
How does Standard Chartered Bonus$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 SC Bonus$aver Savings Account?
The highest interest rate accruable is 4.88% p.a. To achieve this, the bonus interest rates per annum for SC Bonus$aver savings account comes with a few criteria:
1. Minimum monthly spend required on eligible debit or credit card for bonus interest:
- Card spend S$2,000 and above for bonus interest of 1.61%
2. Salary Crediting
- Credit salary of at least S$3,000 to enjoy bonus interest of 1.20%
3. GIRO Payments of Bills
- Pay 3 bills of at least S$50 each to enjoy a bonus interest of 1.00%
4. Insure
- 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. Invest
- Buy at least S$30,000 worth of unit trusts to enjoy 1.00% bonus interest (previously combined with Invest category)
*Bonus interest is only applicable to the first S$100,000 of your account balance.
Terms and Fees for SC 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
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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It'll be more convenient when SCB reverts to syncing with the Seedly app atm.