Standard Chartered Bonus$aver Account
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From 1 December 2020, Standard Chartered has changed their interest rates for their popular SCB Bonus$aver Savings Account.
The highest possible interest rate which you can enjoy is up to 2.60% p.a. on the first S$80,000
The base interest rate per annum for SCB Bonus$aver Account is 0.03%.
These are the 5 types of transactions you can use to earn the bonus interest rates as well as the latest changes:
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Standard Chartered will be revising the interest rates for Bonus$aver savings account again, with effect from 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$3,000)
Total Interest on eligible balance
BonusSaver is a high-interest savings account by Standard Chartered Singapore, SCB.
Depositing money into your BonusSaver account while engaging in any one of the eligible categories will help you earn bonus interest rates on top of the base interest rate:
Bonus interest is calculated at the end of each calendar month, based on the daily average balance in your Bonus$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.
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:
2. Salary Crediting
3. GIRO Payments of Bills
*Bonus interest is only applicable to the first S$80,000 of your account balance.
Considering the low-interest-rate environment that we're in right now.
It is unlikely that this is the last time that Standard Chartered will review the interest rates for the BonusSaver account.
Similarly, the other banks will also do so with their high-interest savings account.
If you're already with Standard Chartered BonusSaver, you'll need to consider if it's worth the hassle of shifting everything (your salary crediting, bill payments, credit card payments, insurance, and etc.) against how much interest you can potentially get on an annual basis. Since there's no guarantee that the other banks won't revise their rates too.
Want to know how SCB Bonus$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
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