Standard Chartered Bonus$aver Account
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Standard Chartered Bonus$aver Account
Up to 2.60% p.a.
INTEREST RATES
$0
MIN. INITIAL DEPOSIT
$3,000
MIN. AVG DAILY BALANCE
[PROMO] Get Airpods Pro or S$250 cash. Valid till 20 Jan 2022. T&Cs apply. Learn more below.
Standard Chartered Bonus$aver Account
Up to 2.60% p.a.
INTEREST RATES
$0
MIN. INITIAL DEPOSIT
$3,000
MIN. AVG DAILY BALANCE
[PROMO] Get Airpods Pro or S$250 cash. Valid till 20 Jan 2022. T&Cs apply. Learn more below.
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Standard Chartered SCB Bonus$aver Account Review 2021
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:
- Card Spend: up to 0.60%p.a. for min spend of S$2,000
- Salary Credit: 0.10% 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: 0.90% p.a. for eligible insurance policy with a minimum annualised premium of S$12,000
- Invest: 0.90% p.a. for eligible unit trust with minimum single subscription amount of S$30,000
3.3
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- I like SCB but the Bonus$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.
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What are your thoughts?Reply
- [Customer Service] Does not support enquiries after 8pm. And they do not arrange call back service at all. So you need to call in and wait till someone answers the phone. There were several times the staff just answered and hung up.. I think they are swamped/ overloaded - but that's not how you should treat customer service! [Interest] Very low interest rate to just have savings parked there. I only used the savings account to pay SCB credit card bills. But the low rates do not seem to justify the parking area. So I might be migrating the funds somewhere else with better rates. Even though I spent $20k on hospital bills for 1 month, I still didn't get good rates for the spend unlike other cards with cash backs and interest rates. [Online Banking] Not sure if they have online closure of account. Will just consolidate credit card bills with another bank to pay SCB credit card bills..
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What are your thoughts?Reply
- Despite its name, the SCB Bonus$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
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What are your thoughts?Reply
- 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
1
Which change made it no longer attractive? can elaborate?
What are your thoughts?Reply
- [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
0
What are your thoughts?Reply
- Posted 26 Nov 2019This 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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What are your thoughts?Reply
- Posted 20 Nov 2019Used to be a pretty decent account, until they changed the TNC and made it more difficult for higher interest (this was sometime back). As compared to other local bank offerings, this account perks are not very competitive.
0
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Exclusive Rewards
Get Airpods Pro (worth S$379) or S$250 cash via PayNow
- Promotion is valid from 1 December 2021 to 20 January 2022
- Promotion is applicable to new Standard Chartered Bonus$aver Account holders only
- Min. fund balance of S$50K (fresh or new) maintained in Standard Chartered Bonus$aver Account until end of calendar month immediately after the calendar month in which Bonus$aver Account is opened is required
- Terms and Conditions apply
- To apply, click on the "Apply Now" or "Visit Site" buttons
Interest Rates for Standard Chartered Bonus$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.
Criteria | 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$3,000) | 0.10% p.a. |
Bill Payment | 0.07% p.a. |
Invest | 0.90% p.a. |
Insure | 0.90% p.a. |
Total Interest on eligible balance | 2.60% p.a. |
Latest Standard Chartered BonusSaver Interest Rates
For more information on how Standard Chartered's newest changes to SCB BonusSaver affects you, check out our in-depth coverage of the Changes to the SCB BonusSaver Savings Account.
How does Standard Chartered Bonus$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.
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