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

  • Overview
  • Reviews (9)
  • Questions (0)
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Standard Chartered Bonus$aver Account

Up to 3% p.a.
INTEREST RATES
None
MIN. INITIAL DEPOSIT
$3,000
MIN. AVG DAILY BALANCE

    Standard Chartered Bonus$aver Account

    Up to 3% p.a.
    INTEREST RATES
    None
    MIN. INITIAL DEPOSIT
    $3,000
    MIN. AVG DAILY BALANCE

Details

Highest Interest Rates for Standard Chartered SCB Bonus$aver Savings Account

  • As of 1 July 2020, Standard Chartered will be changing their interest rates for their popular SCB Bonus$aver Savings Account yet again, with the previous revision in April.
  • Highest possible interest rates to enjoy go up to 3.00% p.a., which was previously an attractive 3.88% p.a.
  • 4 types of transactions eligible to help you earn bonus interest rates: card spending, salary crediting, bill payments and investing or insuring.
    i. Spendings can help earn extra interest rates from 0.30 - 0.80% p.a.
    ii. Depositing your salary of at least S$3,000 helps earn interest rates of 0.40% p.a.
    iii. While insuring and investing can help add 0.85% p.a. each
  • The base interest rate per annum for SCB Bonus$Saver savings account is 0.05%.

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

3.7

9 Reviews

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  • Updated on 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 February --------------------------
    0 comments
    0
  • Posted on 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 competitors
    1 comment
    0
    Mujimoro
    Mujimoro

    08 Jan 2020

    Which change made it no longer attractive? can elaborate?
  • Posted on 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 bad
    0 comments
    0
  • Posted on 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 comments
    0
  • 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.
    0 comments
    0
Questions (0)
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How does SCB BonusSaver work?

Bonus$aver is a savings account scheme 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 credit card
  • GIRO Payments of bills
  • Salary Crediting
  • Investment or
  • Insurance

Change in Interest Rates for SCB Bonus$aver, Standard Chartered Savings Account from July 2020

SCB BonusSaver New Interest Rates from 1 July 2020

Standard Chartered will be revising the interest rates for Bonus$aver savings account again, with effect from 1 July 2020. This change comes months after their recent April 2020 change.

The changes affected are the prevailing interest rates, card spend, and invest/insure categories.

All these changes are summarised in image above and thoroughly illustrated in the table below.

NEWEST Interest rates for SCB BonusSaver AFTER 1 July 2020

  • Prevailing Interest: 0.05%
  • Bonus interest rates for Card Spend:
    0.30% p.a. min spend S$500
    0.80% p.a. min spend S$2,000
  • Bonus interest rates for Salary Crediting: 0.40% p.a.
    Bonus interest rates for Bill Payments: 0.10% p.a.
  • Bonus interest rates for Investing: 0.85% p.a.
  • Bonus interest rates for Insuring: 0.85% p.a.
  • Total possible interest rate: 3.00% p.a.

Interest rates for SCB BonusSaver after 1 April 2020

  • Prevailing Interest: 0.05%
  • Bonus interest rates for Card Spend:
    0.50% p.a.
    min spend S$500
    1.50% p.a. min spend S$2,000
  • Bonus interest rates for Salary Crediting: 1.00%
    Bonus interest rates for Bill Payments: 0.10%
  • Bonus interest rates for Investing / Insuring: 1.28%
  • Total possible interest rate: 3.88% p.a.

Interest rates for SCB BonusSaver before 1 Apr 2020

  • Prevailing Interest: 0.10%
  • Bonus interest rates for Card Spend: up to 1.88%
  • Bonus interest rates for Salary Crediting: 1.00%
  • Bonus interest rates for Bill Payments: 0.25%
  • Bonus interest rates for Investing / Insuring: 0.75%
  • Total possible interest rate: 3.88% p.a.

Standard Chartered BonusSaver Interest Rates from July 2020

Criteria

Bonus Interest Rate on your first S$80,000

Card Spend

Up to 0.80% p.a. (S$2,000 monthly min spend)

 

Up to 0.30% p.a. (S$500 monthly min spend)

Salary Credit (of at least S$3,000)

0.40% p.a.

Bill Payment

0.10% p.a.

Invest

0.85% p.a.

Insure

0.85% p.a.

Total Interest on eligible balance

3.00% 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 0.30%
  • Card spend S$2,000 and above for bonus interest of 1.00%

2. GIRO Payments of Bills

  • Pay 3 bills of at least S$50 each to enjoy a bonus interest of 0.10%

3. Salary Crediting

  • Credit salary of at least S$3,000 to enjoy bonus interest of 0.40%

4. Invest

  • Buy an eligible insurance policy with a minimum annual premium of $12,000 to enjoy 0.85% bonus interest (previously combined with Insure category)

5. Insure

  • Buy at least $30,000 worth of unit trusts to enjoy 0.85% bonus interest

*Bonus interest is only applicable to the first S$100,000 in the bank account.

Is it Worth Opening a Standard Chartered BonusSaver Account?

UPDATE:

With the latest series of changes to savings accounts' interest rates, we believe that the benefits of savings accounts will be highly limited, Standard Chartered's BonusSaver included.

We are anticipating many other savings accounts to follow suit. As such, we will hold off making verdicts until the dust has settled.

(The assessment below is based on rates prior to the 1 July 2020 rate revision)

Want to know how SCB Bonus$aver compares with other savings accounts? Here's a compilation of The Best Savings Accounts in 2020.

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