Standard Chartered Bonus$aver Account

Interest Rates for Standard Chartered Bonus$aver Savings Account 2021

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.

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.