3 things to know about Standard Chartered Bonus$aver Account
- Earn up to 2.38% p.a. interest on the first S$80,000 of your account balance
- No initial deposit required
- Multicurrency and chequebook facilities are available
Fall below monthly fees
Maximum annual interest rate
The Standard Chartered Bonus$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$500 per month), bill payments (at least 3 per month), as well as investing with or buying insurance from Standard Chartered. The more bonus interest category you fulfil, the more bonus interest you’ll earn.
Earn up to 2.38% p.a. in total interest with SC Bonus$aver account:
Here’s how you can unlock the bonus interest rates:
|Spend||Up 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 credit||0.10%||Credit your salary of at least S$3,000 through GIRO|
|Invest||0.90%||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.|
|Insure||0.90%||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 payment||0.07%||Pay any 3 unique bills (each of a minimum amount of S$50) online or through GIRO|
Note: Interest rates indicated are accurate as of 28 September 2021 and are subject to change.
The SC Bonus$aver account doesn’t charge any opening, monthly and maintenance fees.
Here are some other account-related fees to take note of:
To begin your application for the SC Bonus$aver Account, simply head to the account page and click on the ‘Apply now’ button. Before applying, you should make sure that you meet the eligibility criteria and have the required documents on hand.
To apply for an SC Bonus$aver Account, you must be:
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:
Online application process
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.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
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