If you’re looking for a high-yield savings account in Singapore, you might want to consider the Standard Chartered Bonus$aver Account. This account offers an attractive interest rate of up to 7.88% p.a., making it one of the highest-yielding savings accounts in the market. In this quick review, we’ll take a closer look at the account and what you need to know before opening one.
The Standard Chartered Bonus$aver Account is designed to reward customers who save and spend with the bank. To earn the highest interest rate, you need to maintain a minimum balance of S$200,000 and fulfil certain criteria, such as spending on a Bonus$aver World Mastercard Credit Card and purchasing eligible insurance or investment products. However, even if you don’t meet these requirements, you can still earn a base interest rate of 0.05% p.a. on your savings. In this review, we’ll explore the account’s features, benefits, and drawbacks, so you can decide if it’s the right savings account for you.
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Looking for a high-yield savings account? The Standard Chartered Bonus$aver Account might be for you. It offers a potential 7.88% interest rate, one of the highest in Singapore. But to get that rate, you’ll need to meet some requirements like maintaining a minimum balance and fulfilling certain activities.
Here’s a quick breakdown:
- High Interest: Earn up to 7.88% interest on your first S$100,000.
- Requirements: Spend on a linked credit card, credit your salary, and potentially invest or insure with Standard Chartered.
- Minimum Balance: S$3,000 or maintain a S$200,000 average balance across Standard Chartered accounts.
- Consider the Fees: Avoid falling below the minimum balance to dodge a S$5 fee. The credit card has an annual fee (waived for the first 2 years).
This account might be ideal if:
- You can meet the spending and activity requirements.
- You’re looking to maximize your savings growth.
However, it might not be the best fit if:
- You struggle to maintain a minimum balance.
- You don’t want to jump through hoops to earn a high interest rate.
Want to learn more? Check out the full review for a deeper dive into the Bonus$aver Account!
Key Features of Bonus$aver Account
If you’re looking for a savings account that offers high-interest rates, then the Standard Chartered Bonus$aver Account is an excellent option to consider. Here are some of the key features of the Bonus$aver Account:
Base and Bonus Interest Rates
The Bonus$aver Account offers both base and bonus interest rates, which means you can earn interest on your savings while also earning bonus interest for meeting certain requirements. The base interest rate is 0.05% p.a., while the maximum interest rate you can earn is 2.38% p.a.
Eligibility and Account Opening
To apply for a Bonus$aver Account, you must be a Singaporean or a foreigner with a valid Singapore Employment Pass. You must also be at least 18 years old and have a minimum deposit of S$3,000. The account can be opened online or in-person at any Standard Chartered branch.
Bonus$aver Card Benefits
When you open a Bonus$aver Account, you’ll also receive a Bonus$aver World Credit or Debit Card. This card comes with a range of benefits, including cashback on dining, groceries, and petrol, as well as discounts at selected merchants.
How to Earn Higher Interest
If you’re looking to maximise your savings with the Standard Chartered Bonus$aver Account, there are several ways to earn higher interest rates. Here are the different options available to you:
Salary Crediting
One of the simplest ways to earn higher interest rates is by crediting your salary to your Bonus$aver account. By doing so, you can earn an extra 1% p.a. interest on your deposit balances of up to S$100,000. This is on top of the prevailing interest rate of up to 1.88% p.a. that you can earn for the month.
Spending Requirements
To earn higher interest rates, you will need to meet certain spending requirements on your Bonus$aver account. For example, you can earn an extra 0.25% p.a. interest if you make at least three eligible transactions (such as online shopping or dining) on your Bonus$aver debit card each month.
Bill Payments and Insurance
Another way to earn higher interest rates is by using your Bonus$aver account to pay your bills. By doing so, you can earn an extra 0.25% p.a. interest on your deposit balances of up to S$100,000. Additionally, you can earn an extra 0.5% p.a. interest by purchasing a premium life insurance policy through Standard Chartered Bank with at least an annual premium amount of S$12,000.
Investment and Insurance Options
Lastly, you can earn higher interest rates by investing and insuring with Standard Chartered Bank. For example, you can earn an extra 0.75% p.a. interest by investing in an eligible unit trust (such as an ETF or regular savings plan) through Standard Chartered Bank with a minimum investment amount of S$30,000. Additionally, you can earn an extra 0.5% p.a. interest by purchasing a premium life insurance policy through Standard Chartered Bank with at least an annual premium amount of S$12,000.
By meeting the above requirements, you can earn bonus interest rates of up to 4.88% p.a. on your Bonus$aver account. Keep in mind that these interest rates are subject to change and may vary depending on the deposit balance and transaction amount.
Comparing with Other Savings Accounts
When it comes to choosing a savings account, there are a lot of options available in the Singapore market. Here’s how the Standard Chartered Bonus$aver Account stacks up against some of the other popular savings accounts in Singapore.
OCBC 360 Account
The OCBC 360 Account is a popular savings account that offers bonus interest rates for fulfilling certain criteria. To earn the maximum interest rate of 2.4% p.a., you need to credit your salary, pay bills, spend on an OCBC credit card, and invest or insure with OCBC. The account also offers cashback on selected transactions.
Compared to the OCBC 360 Account, the Standard Chartered Bonus$aver Account offers a higher maximum effective interest rate of 4.88% p.a. However, to earn this rate, you need to fulfill more criteria. You need to credit your salary, spend on a Standard Chartered credit card, pay bills, invest, and insure with Standard Chartered.
DBS Multiplier Account
The DBS Multiplier Account is another popular savings account that offers bonus interest rates for fulfilling certain criteria. To earn the maximum interest rate of 3.8% p.a., you need to credit your salary, pay bills, and transact on your DBS credit card.
Compared to the DBS Multiplier Account, the Standard Chartered Bonus$aver Account offers a higher maximum effective interest rate of 4.88% p.a. However, to earn this rate, you need to fulfill more criteria. You need to credit your salary, spend on a Standard Chartered credit card, pay bills, invest, and insure with Standard Chartered.
UOB One Account
The UOB One Account is a savings account that offers bonus interest rates for fulfilling certain criteria. To earn the maximum interest rate of 2.5% p.a., you need to credit your salary, pay bills, and spend on your UOB credit card.
Compared to the UOB One Account, the Standard Chartered Bonus$aver Account offers a higher maximum effective interest rate of 4.88% p.a. However, to earn this rate, you need to fulfill more criteria. You need to credit your salary, spend on a Standard Chartered credit card, pay bills, invest, and insure with Standard Chartered.
Tip
Are you striving for maximum returns on your savings? Look no further than the Standard Chartered Bonus$aver Account! While other accounts like OCBC 360, DBS Multiplier, and UOB One offer competitive rates, the Standard Chartered Bonus$aver Account stands out with an impressive maximum effective interest rate of 4.88% p.a.
To unlock this incredible rate, ensure you meet the criteria by crediting your salary, spending on a Standard Chartered credit card, paying bills, investing, and insuring with Standard Chartered. With the Standard Chartered Bonus$aver Account, you can supercharge your savings and enjoy unbeatable returns!
Fees and Charges
When it comes to banking, fees and charges are always a concern. Here is a breakdown of the fees and charges associated with the Standard Chartered Bonus$aver Account Singapore.
Minimum Balance and Fall-Below Fee
To enjoy the benefits of the Bonus$aver Account, you need to maintain a minimum average daily balance of S$3,000. If your balance falls below this amount, you will be charged a fall-below fee of S$5 per month. However, if you are a new customer, you will enjoy a waiver of the fall-below fee for the first 6 months.
Early Account Closure Fee
If you decide to close your Bonus$aver Account within 6 months of opening it, you will be charged an early account closure fee of S$30. This fee is waived if you are closing your account due to a change in the bank’s terms and conditions.
Card-Related Charges
The Bonus$aver Account comes with a debit card and a credit card. Here are the charges associated with these cards:
- Debit Card Replacement Fee: S$20
- Credit Card Annual Fee: S$192.60 (waived for the first 2 years)
- Credit Card Late Payment Fee: S$80
- Credit Card Overlimit Fee: S$40
It is important to note that the credit card annual fee is waived for the first 2 years, so you can enjoy the benefits of the card without any extra charges.
Additional Perks and Offers
Cashback and Rewards
The Standard Chartered Bonus$aver Account Singapore comes with a range of cashback and rewards offers to help you maximise your savings. You can earn up to 2.38% p.a. interest on your savings for the first S$80,000 in your Bonus$aver account when you credit your salary through GIRO, pay bills online/through GIRO, spend on your Bonus$aver Credit or Debit Card, invest with a Unit Trust, or insure with a regular premium insurance policy.
In addition to the interest earned, you can also earn cashback when you use your Bonus$aver card for eligible transactions. For example, you can get up to S$100 cashback when you credit your salary within the first 2 months of account opening and deposit and maintain S$50,000 in fresh funds. This offer is valid from 1 March 2024 till 30 April 2024. Terms and conditions apply.
Promotional Gifts
Standard Chartered Bank also offers promotional gifts to new customers who sign up for the Bonus$aver Account. For example, you can get a pair of Apple AirPods Pro when you open a Bonus$aver account and deposit and maintain S$200,000 in fresh funds. This offer is valid from 1 March 2024 till 30 April 2024. Terms and conditions apply.
Keep in mind that these offers are subject to change, so it’s always a good idea to check with Standard Chartered Bank for the latest promotions. With the Bonus$aver Account, you can enjoy a range of cashback and rewards offers that can help you save money and earn rewards on your spending.
Pros and Cons
Opening a Standard Chartered Bonus$aver Account has its pros and cons. Here are some of the key points to consider:
Pros
- Spend Bonus: With a minimum spend of S$500 per month on your Bonus$aver cards, you can earn up to 0.88% p.a. interest payment. If you spend S$2,000 or more each month, you can earn a payout of up to 1.88% p.a. on your first S$100,000 deposit balances. This can be a great way to earn extra interest on your savings while still using your credit cards for everyday purchases.
- Bonus Interest Categories: The Bonus$aver Account rewards you with bonus interest for each individual category. This includes salary credit, spending, bill payments, and investments or insurance with Standard Chartered. This means that you can earn bonus interest in multiple categories and increase your overall interest earnings.
- No Monthly Account Fee: There is no monthly account fee for the Bonus$aver Account. This means that you can save money on account fees and put more of your money towards earning interest.
Cons
- Minimum Spend: To earn the spend bonus, you need to spend a minimum of S$500 per month on your Bonus$aver cards. This may be difficult for some people to achieve, especially if they don’t use their credit cards often.
- Merchant Qualification: You need to check out the list of merchants to see whether your existing bills qualify for bonus interest. This means that you may need to switch to a different merchant or service provider to qualify for bonus interest.
- Jump Through Hoops: While the Bonus$aver Account can be a great way to earn extra interest on your savings, it does require you to jump through hoops to earn your bonus interest. This includes meeting the minimum spend requirements and ensuring that your bills qualify for bonus interest.
Overall, the Standard Chartered Bonus$aver Account can be a great way to earn extra interest on your savings. However, it’s important to consider the pros and cons before opening an account to ensure that it’s the right choice for you.
Frequently Asked Questions
What dazzling benefits can one enjoy with the Bonus Saver credit card?
The Bonus$aver account comes with a Bonus Saver credit card that offers a range of benefits. You can earn up to 7.88% p.a. bonus interest on your account balance when you spend, credit your salary, invest, insure and pay bills through the account. Additionally, you can enjoy cashback on your everyday spending, discounts on dining and entertainment, and exclusive travel privileges.
Could you enlighten me on the minimum balance requirement for the Bonus$aver account?
The minimum balance requirement for the Bonus$aver account is S$3,000. However, you can avoid falling below this balance by linking your Bonus$aver account with other Standard Chartered accounts or maintaining a monthly average balance of S$200,000 across all your Standard Chartered accounts.
What are the potential fees if my Bonus$aver account falls below the minimum balance?
If your Bonus$aver account falls below the minimum balance, you may be charged a fall-below fee of S$5. The fee is waived if you maintain a monthly average balance of S$3,000 or more.
How does the interest rate structure work for the Bonus$aver account?
The Bonus$aver account offers a tiered interest rate structure. You can earn up to 7.88% p.a. bonus interest on your account balance when you spend, credit your salary, invest, insure and pay bills through the account. The interest rate varies depending on your account balance, transaction type, and the number of eligible transactions you make each month.
In what ways does the Bonus$aver World Mastercard credit card stand out from other cards?
The Bonus$aver World Mastercard credit card stands out from other cards by offering a range of benefits. You can earn up to 7.88% p.a. bonus interest on your account balance when you spend, credit your salary, invest, insure and pay bills through the account. Additionally, you can enjoy cashback on your everyday spending, discounts on dining and entertainment, and exclusive travel privileges.
How can the Bonus Saver calculator assist in maximising my savings?
The Bonus Saver calculator is a useful tool that can help you maximise your savings. By inputting your monthly salary, spending, and bill payment habits, the calculator can estimate how much bonus interest you can earn each month. This can help you plan your finances and make the most of your Bonus$aver account.
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