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Rewards current accounts
Get value out of your purchases by earning cashback or reward points.
A reward current account may come with special promotions, points or cashback. Depending on the reward type, you can either accrue points or get more value out of your purchases. Let’s find out more about these accounts below.
Compare rewards transaction accounts
How does a rewards transaction account work?
Depending on which one you choose, there are various ways to earn rewards with your current account. For example, you can be rewarded for maintaining your daily balance, for the purchases you make using the issued debit card, or both.
Depending on your banking habits you could end up with a substantial number of points or rebates. Points can typically be used towards airfare or selected purchases and vouchers. Some allow you to redeem your points in the form of cash that gets put back into your account. Think about how you’d use your current account and the types of rewards you may actually use in order to compare the different offers available from banks in Singapore.
What about PayPass and PayWave?
Funds are due to clear a couple of days after you complete the transaction. When using a PIN or in some cases an EMV chip, the funds are instantly taken out of your account. Learn more about contactless payments.
How do cashback offers work?
A cashback offer is a type of rewards program where you earn a percentage of your total purchases back. This can be paid towards your account balance or redeemed as a discount at any participating merchants.Back to top
Which bank offers rewards current accounts in Singapore?
Here are some reward current accounts to consider:
|Standard Chartered Bonus$aver Account|
|Standard Chartered USD High Account|
|Standard Chartered SuperSalary Account|
|UOB One Account|
|KrisFlyer UOB Deposit Account|
|CIMB StarSaver Account|
Information provided is accurate as of 25 November 2020.
How do I compare current accounts that let me earn rewards?
If you’re considering opening a current account that offers rewards, there are a few things to note that may help in choosing which account is best suited to your needs. A good place to start is to look at both how rewards are earned and what you can do or purchase with the points earned.
- What types of rewards are offered? Find out what are the types of rewards you’d be eligible to earn – would it be points or cashback?
- The terms and conditions of the rewards. Most cashback rewards are subjected to a maximum earn cap per month.
- How points are earned. If you generally keep a high balance in your current account, consider being rewarded for that. Otherwise, you should look for current accounts that reward you based on your purchases.
- Redeeming points. Check the options you have for redeeming points with the various rewards current accounts and choose one where the rewards are valuable to you.
- Fees. Not only should you look at any monthly account keeping fees, check to see if there are any fall-below fees if your daily average balance is below a certain amount.
- Accessibility. Check to see if you are able to manage your account online. You will also want to compare the type of debit card issued and the number of ATMs available for you to make withdrawals.
There are a number of things to consider with a rewards current account if you want to find one that provides you with the most benefit. Make your comparisons carefully, basing them on the features that matter to you the most.
Did you know that you can earn cashback on prepaid cards too? Find out more about the Revolut Metal card where you can earn 1% cashback on domestic and international purchases.
What are the benefits of using a reward current account?
While a rewards current account has benefits to consider, there are also some points that are not right for everyone. The following pros and cons will provide you with further information about this type of account to help you in making a choice.
- Valuable rewards. Redeeming points or earning cashback can potentially save you a lot of money towards purchases that you would normally be making.
- Flexibility with earning points. There are multiple ways to earn points, making it easy to get the full benefit of these accounts.
- Multiple access points. Having a debit card with a credit company logo allows you to make purchases online, over the counter and over the phone as well as withdrawals at ATMs islandwide.
What are the risks?
You don’t need to worry about losing deposits of up to $75,000 thanks to the Deposits Insurance (DI) Scheme by Singapore Deposit Insurance Corporation Limited (SDIC). But there are things you should avoid if you do choose to open a rewards current account.
- Fees. Some of these accounts will have a monthly service fee, although that could be removed by meeting certain terms such as a monthly deposit requirement.
- Foreign transaction fees. You could be subject to a fee if you make a purchase outside of Singapore, whether there is a currency conversion or not.
- Overspending. Avoid making purchases in order to gain cashback/points.
- Monthly deposit. Some of these accounts do have a monthly deposit requirement in order to avoid paying fees. If you are not able to make that obligation you may want to consider other types of transaction accounts such as bonus saver accounts.
Commonly asked questions, answered
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