GoBear is now part of Finder

Standard Chartered Bonus Saver Review

Unlock higher interest rates up to 2.38% p.a. on the first S$80,000 of your account balance.

3 things to know about Standard Chartered Bonus$aver Account

  • Earn up to 2.38% p.a. interest on the first S$80,000 of your account balance
  • No initial deposit required
  • Multicurrency and chequebook facilities are available

S$0

Monthly fee

S$5

Fall below monthly fees

2.38% p.a.

Maximum annual interest rate

Details

Product NameSC Bonus$aver Account
Monthly feeS$0
Minimum Age Requirement18 years old
Mobile paymentsApple Pay, Samsung Pay
Supported CurrenciesSGD
More Info

How does the SC Bonus$aver Account works

The Standard Chartered Bonus$aver Account is an interest-bearing current account that comes with a full suite of banking features — allowing you to seamlessly manage your day-to-day transactions while building up your nest egg with up to 2.38% p.a. in interest on the first S$80,000 of your balance.

On top of the base interest rate, you can also unlock bonuses when you meet certain requirements, such as salary credit (at least S$3,000), Bonus$aver credit/debit card spends (at least S$500 per month), bill payments (at least 3 per month), as well as investing with or buying insurance from Standard Chartered. The more bonus interest category you fulfil, the more bonus interest you’ll earn.

Key features

  • Bonus interest rates. Get up to 2.38% bonus interest rate on top of the prevailing base interest (0.01% p.a.) on the first S$80,000 of your account balance when you meet certain requirements — salary credit, credit/debit card spend, bill payment, purchase eligible investment and insurance products.
  • Minimal fees. The account doesn’t charge any opening, monthly and maintenance fees. However, a S$5 fall-below fee will apply if your average daily balance falls below S$3,000.
  • Multicurrency feature. Access 14 different currencies at competitive FX rates and zero overseas transaction fees.
  • Chequing facility. The SC Bonus$aver account comes with an optional chequebook facility. However, this feature will not be available if you opened the account online.
  • Rewards. Earn 360° Rewards Points on your card spend, loans, investments and other eligible transactions.

Interest rates and fees

Interest structure

Earn up to 2.38% p.a. in total interest with SC Bonus$aver account:

  • Bonus interest rate. Up to 2.38% p.a. bonus interest on the first S$80,000 of your account balance when you fulfil various requirements
  • Base interest rate. 0.01% p.a. prevailing base interest (applies to the entire account balance)

Here’s how you can unlock the bonus interest rates:

CriteriaInterest rateRequirements
SpendUp to 0.40%Spend at least S$2,000 (for 0.40% bonus interest) or S$500 (for 0.20% bonus interest) in eligible transactions on your Bonus$aver Credit/Debit card
Salary credit0.10%Credit your salary of at least S$3,000 through GIRO
Invest0.90%Subscribe and settle a trade for an eligible unit trust (minimum single subscription amount of S$30,000) through SCB. Bonus interest will only be paid for a consecutive period of 12 months.
Insure0.90%Purchase a regular premium insurance product from SCB (minimum annualised premium amount of S$12,000). Bonus interest will only be paid for a consecutive period of 12 months.
Bill payment0.07%Pay any 3 unique bills (each of a minimum amount of S$50) online or through GIRO

Note: Interest rates indicated are accurate as of 28 September 2021 and are subject to change.

Fees

The SC Bonus$aver account doesn’t charge any opening, monthly and maintenance fees.

Here are some other account-related fees to take note of:

  • Fall below fee. S$5 if the minimum average daily balance falls below S$3,000.
  • Cheque book. S$10 per cheque book
  • Early account closure. S$30 if the account is closed within 6 months from its opening date.
  • Debit card annual fee. S$20 (including GST)
  • Credit card annual fee. S$214 (including GST). Waived for the first 2 years.

Pros and cons

Pros

  • High EIR. The SC Bonus$aver offers one of the highest EIR (up to 2.38% p.a) in the market, which is ideal for affluent savers with at least S$80,000 and the capability to fulfil all bonus earn requirements.
  • Passive interest boosts. Benefit from easy passive interest boosts from day-to-day transactions such as salary crediting and bill payments.
  • No initial deposit required. Unlike most bank accounts, the SC Bonus$aver account can be opened without any initial deposit.

Cons

  • Low base interest rate. The base interest rate of this account is only 0.01% p.a., which is incredibly low since most major banks in Singapore offer at least 0.05% p.a.
  • Short bonus interest period for certain requirements. Bonus interest from insurance and investment will only be paid for a consecutive period of 12 months.
  • Balance cap for bonus interest. Account balance above S$80,000 will only accrue interest at the prevailing base rate.
  • High average daily balance. You’ll need to maintain an average daily balance of at least S$3,000 to avoid incurring a S$5 fee.

How to sign up

To begin your application for the SC Bonus$aver Account, simply head to the account page and click on the ‘Apply now’ button. Before applying, you should make sure that you meet the eligibility criteria and have the required documents on hand.

Eligibility

To apply for an SC Bonus$aver Account, you must be:

  • A Singaporean, Singapore PR or foreigner with a valid visa
  • Between 18 (or 21 years old if you’re applying for the Bonus$aver Credit Card as well) to 65 years old

Required documents

If you’re a new Standard Chartered customer, you should have the following documents on hand to speed up your application:

Singaporeans and permanent residents:

  • Front and back photocopy of your NRIC/passport
  • Proof of residential address (if it’s different from the one in your NRIC)
  • Income documents (e.g. Latest computerised payslip, latest 6 months’ CPF contribution history statement, latest Income Tax Notice of Assessment etc)

Foreigners:

  • Valid passport (at least 6 months validity)
  • Proof of employment/study or visit pass
  • Proof of residential address: e.g. utility bills, telco bills, bank statements or letters from government bodies dated within the last 3 months
  • Income documents (e.g. Latest computerised payslip, latest 6 months’ CPF contribution history statement, latest Income Tax Notice of Assessment etc)

Online application process

  1. Click on the ‘Apply now’ button on the SC Bonus$aver account page
  2. Fill in your basic information (e.g. name, contact details, residency status)
  3. Proceed to select your preferred mode of application (e.g. MyInfo via SingPass or manual application)
  4. Fill in the required fields and upload any necessary documents
  5. Submit your application
  6. Allow time for Standard Chartered Bank to get in touch with further instructions.

The verdict

Compared to the low interest rates offered by most bank accounts in Singapore (typically less than 1% p.a.), having the opportunity to earn a maximum interest of up to 2.38% p.a. (up to S$80,000 of your account balance) certainly makes the Standard Chartered Bonus$aver Account worth considering. That is if you’re able to meet the 5 bonus interest categories, which could be challenging if you’re not a financially-savvy high earning individual.

Of all the five criteria for bonus earn, setting up automatic salary crediting and GIRO bill payments are probably the simplest to achieve. By doing so, you’d earn an additional 0.17% on top of the prevailing base interest rate. But the following three requirements – invest, insure and spend – will require more effort to qualify.

You’ll need to be willing to invest with or buy insurance from SC if you wish to unlock a juicy 0.9% p.a. bonus interest from each of these actions. But do note that the boosted interest from any eligible insurance policy or unit trust purchase only lasts for 12 months – which means you’d need to buy a new financial product to continue enjoying the extra interest from these two criteria for another 12 months.

Next, you’ll have to spend at least S$2,000 per month on a Bonus$aver credit/debit card to unlock the other 0.4% p.a. bonus (or just S$500/month for a lower bonus interest rate of 0.2% p.a.).

If you’re confident that you’ll be able to fulfil any or all of these requirements for the maximum potential interest, the Standard Chartered Bonus$aver Account is most likely one of the best options on the market. But before applying, be sure to compare the other bonus interest savings accounts available to find one that best suit your needs.

Compare other savings accounts in Singapore

Name Product Minimum Initial Deposit Fall below monthly fees Minimum annual interest rate Maximum annual interest rate
OCBC 360 account
S$1,000
S$2
0.05% p.a.
2.68% p.a.
Earn competitive bonus interest on the first $75,000 of your balance when you credit your salary, save, insure or invest with this account
SC Bonus$aver Account
S$0
S$5
0.01% p.a.
2.38% p.a.
Unlock up to 2.38% p.a. of bonus interest on the first S$80,000 deposit and access up to 14 different currencies with this account.
DBS eMySavings Account
S$50
S$0
0.05% p.a.
0.25% p.a.
Grow your balance with a savings account that offers higher interest rates when you credit a preset amount each month.
DBS Multiplier Account
S$0
S$5
0.05% p.a.
3% p.a.
Multiply your savings with bonus interest rates when you credit your income and meet all the account's criteria.
UOB Stash Account
UOB Stash Account
S$1,000
S$2
0.05% p.a.
1% p.a.
Grow your savings and earn increasingly higher interest rates for the first S$100,000 of your account balance.
Maybank iSAVvy Savings Account
Maybank iSAVvy Savings Account
S$500
S$2
0.19% p.a.
0.5% p.a.
Meet day-to-day banking needs and achieve your saving goals by creating sub-accounts through online banking.
POSB eMySavings Account
POSB eMySavings Account
S$0
S$0
0.05% p.a.
0.25% p.a.
Earn special interest rates when you grow your month-to-month balance consistently with this preset monthly savings account.
POSB SAYE Account
POSB SAYE Account
S$0
S$0
0.05% p.a.
2% p.a.
Unlock higher interest when you credit your salary, save a preset amount and make no withdrawals from this special savings account.
SC JumpStart Account
S$0
S$0
0%
1% p.a.
A day-to-day banking account with attractive interest rates and cashback on debit card spending for young adults Between 18 and 26 years old.
CIMB StarSaver (Savings) Account
S$1,000
S$0
0.3% p.a.
0.3% p.a.
A savings account with competitive interest rates and access to over 6,000 CIMB ATMs across the region.
KrisFlyer UOB Account
S$1,000
S$2
0.05% p.a.
0.05% p.a.
Access your finances anytime with this interest-bearing passbook savings account.
CIMB StarSaver (Savings)-i Account
CIMB StarSaver (Savings)-i Account
S$1,000
S$0
0.3% p.a.
0.3% p.a.
This Shariah-compliant savings account come with competitive profit rates and a wide range of banking features.
BOC SmartSaver
BOC SmartSaver
S$1,500
S$3
0.3% p.a.
0.5% p.a.
Designed for BOC Multi-Currency Savings (MCS) account holders, this savings plan offer bonus interest when you meet certain requirement.
POSB My Account
POSB My Account
S$0
S$0
0.05% p.a.
2% p.a.
This simple savings account has no minimum balance requirement and comes with a wide range of essential banking features.
CIMB FastSaver Account
CIMB FastSaver Account
S$1,000
S$0
0.15% p.a.
1% p.a.
The CIMB FastSaver is a savings account that offers tiered interest rates based on the size of your account balance
UOB Passbook Savings Account
UOB Passbook Savings Account
S$500
S$2
0.05% p.a.
0.5% p.a.
Manage your finances anytime, anywhere with this simple savings account with high daily interest rate.
OCBC Bonus + Savings Account
OCBC Bonus + Savings Account
S$5,000
S$2
0.05% p.a.
0.5% p.a.
A simple, no-frills savings account that offers higher interest when you grow your month-to-month balance and make no withdrawals, up to 0.5% p.a.
POSB Everyday Savings Account
POSB Everyday Savings Account
S$0
S$2
0.05% p.a.
0.2% p.a.
An everyday savings account that offers cashback on your DBS/POSB debit card spend.
UOB Lady’s Savings Account
S$1,000
S$2
0.05% p.a.
0.05% p.a.
Benefit from complimentary medical insurance cover, free annual health screenings and more with this female-only savings account.
OCBC Monthly Savings Account
OCBC Monthly Savings Account
S$0
S$2
0.05% p.a.
0.1% p.a.
With this savings account, you stand to earn higher interest when you save regularly without making any withdrawals.
loading

Compare up to 4 providers

Disclaimer: Interest rates are applicable for deposits between S$1,000 and S$49,999. Interest rate and initial deposit are shown in Singapore dollars. Please check with the provider for deposits and rates in other amounts and currencies.

Frequently asked questions

Ask Finder

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms and Privacy Policy.
Go to site