Standard Chartered Bonus$aver Account Reviews and Comparison - Seedly
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Standard Chartered Bonus$aver Account

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Savings Accounts/Standard Chartered Bonus$aver Account
Savings Accounts/Standard Chartered Bonus$aver Account


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Standard Chartered Bonus$aver Account

Up to 2.60% p.a.






Standard Chartered Bonus$aver Account

Up to 2.60% p.a.







Standard Chartered SCB Bonus$aver Savings Account Review 2020: Revised Interest Rates

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:

  • Card Spend: up to 0.60%p.a. for min spend of S$2,000 (decrease from up to 0.75% p.a.)
  • Salary Credit: 0.10% p.a. for no less than S$3,000 via GIRO (decrease from 0.20% p.a.)
  • Bill Payment: 0.07% p.a. for 3 eligible bill payments of minimum S$50 (decrease from 0.10% p.a.)
  • Insure: 0.90% p.a. for eligible insurance policy with minimum annualised premium of S$12,000 (no change)
  • Invest: 0.90% p.a. for eligible unit trust with minimum single subscription amount of S$30,000 (no change)

Otherwise, the base interest rate per annum for SCB Bonus$Saver savings account is 0.03%.

Read More about Standard Chartered Bonus$aver Account
Reviews (9)


9 Reviews

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  • Updated on 21 Jan 2020


    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 --------------------------


  • Posted on 24 Dec 2019


    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



    08 Jan 2020

    Which change made it no longer attractive? can elaborate?
  • Posted on 10 Dec 2019


    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 bad


  • Posted on 10 Dec 2019


    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]


  • Posted on 26 Nov 2019
    This saving account is no longer competitive with all their changes and other banks are offering better rates. Silly me signed for some 15 year long endowment for additional interest rates some 5 years ago, and totally regretting it now.


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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 BonusSaver Interest Rate Change 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


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.


0.90% p.a.


0.90% p.a.

Total Interest on eligible balance

2.60% p.a.

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