If you’re looking for a savings plan that can help you earn bonus interest on your deposits, the Bank of China SmartSaver account in Singapore might be worth considering. With a minimum deposit of S$200, you can participate in this savings plan and potentially earn up to 7.00% p.a. on the first S$100,000 of your account balance through various bonus interest categories.
To be eligible for the SmartSaver account, you must be at least 18 years old and have a Bank of China Multi-Currency Savings (MCS) account. The SmartSaver account is designed to reward customers who engage in certain activities, such as card spend, salary crediting, and payment. If you meet the requirements for these activities, you can earn bonus interest on top of the prevailing interest rates for your account.
In addition to potentially higher interest rates, the SmartSaver account also offers other benefits and services, such as free e-statements, free fund transfers to other Bank of China accounts, and access to online banking and mobile banking services. If you’re interested in opening a SmartSaver account, you can apply online or at a Bank of China branch in Singapore.
Key Takeaways
- Bank of China SmartSaver account in Singapore offers bonus interest on deposits through various categories.
- Eligibility requires an MCS account and engaging in certain activities.
- Additional benefits include free e-statements, fund transfers, and online/mobile banking services.
BOC SmartSaver Account Overview
If you are looking for a savings plan that offers great interest rates, the BOC SmartSaver account from Bank of China (BOC) Singapore could be the perfect option for you.
Key Features and Benefits
The BOC SmartSaver account is a savings plan that offers a range of benefits to help you save and grow your money. Here are some of the key features and benefits of the account:
- Deposit: To participate in the BOC SmartSaver savings plan, you need to open a BOC Multi-Currency Savings (MCS) account and deposit at least S$200.
- Account Balance: With the BOC SmartSaver account, you can earn up to 7.00% p.a. on the first S$100,000 of your MCS account balance through prevailing interest and bonus interests for wealth, card spend, salary crediting, and payment.
- Interest Rate: The BOC SmartSaver account offers a high interest rate of up to 7.00% p.a. on your MCS account balance.
- Bonus Interest Rates: You can earn bonus interest rates on your MCS account balance through wealth, card spend, salary crediting, and payment.
- Prevailing Interest: You can earn prevailing interest on your MCS account balance.
Understanding the Interest Rates
The BOC SmartSaver account offers a tiered interest rate structure, which means that the interest rate you earn depends on your MCS account balance and the bonus interest rates you qualify for.
To earn the highest interest rate of up to 7.00% p.a., you need to have an MCS account balance of S$100,000 or less and meet the requirements for wealth, card spend, salary crediting, and payment.
In conclusion, the BOC SmartSaver account is an excellent savings plan that offers a high interest rate and a range of benefits to help you save and grow your money. If you are looking for a savings plan that can help you achieve your financial goals, the BOC SmartSaver account could be the perfect option for you.
Eligibility and Application
If you’re looking for a savings account that offers bonus interest, Bank of China Smart Saver Singapore might be just what you need. Here’s what you need to know about eligibility and the application process.
Who Can Apply
To apply for Bank of China Smart Saver Singapore, you must be a Singapore citizen, permanent resident, or a foreigner with a valid pass (employment pass, student pass, long term visit pass, or dependent pass). You must also be at least 18 years old.
The Application Process
To apply for Bank of China Smart Saver Singapore, you need to open a Multi-Currency Savings (MCS) account with Bank of China Singapore. You can do this online or by visiting a Bank of China branch.
When you open your MCS account, you’ll need to deposit at least S$200 to participate in the Smart Saver program. You can earn up to 7.00% p.a. on the first S$100,000 of your MCS account balance through prevailing interest and bonus interests for wealth, card spend, salary crediting, and payment.
To complete your application, you’ll need to provide proof of address and other required documents. Once your application is successful, you can start enjoying the benefits of Bank of China Smart Saver Singapore.
Bonus Interest Categories
If you are looking to earn bonus interest on your Bank of China SmartSaver account, there are several categories you can fulfill to do so. Here are the categories in detail:
Salary Crediting Bonus Interest
By crediting your salary directly into your Bank of China SmartSaver account, you can earn bonus interest of up to 1.50% p.a. This bonus interest is applicable on your first S$60,000 of your account balance.
Card Spend Bonus Interest
You can also earn bonus interest by using your Bank of China credit card for your daily expenses. If you spend at least S$500 on your Bank of China credit card, you can earn up to 0.80% p.a. bonus interest on your first S$60,000 account balance.
Payment Bonus Interest
By setting up at least three bill payments through your Bank of China SmartSaver account, you can earn up to 0.35% p.a. bonus interest on your first S$60,000 account balance.
Extra Savings Bonus Interest
If you manage to maintain an incremental average daily balance of at least S$1,000 in your Bank of China SmartSaver account, you can earn up to 0.35% p.a. bonus interest on your first S$60,000 account balance.
It is important to note that the maximum bonus interest rate you can earn on your Bank of China SmartSaver account is 1.50% p.a. This is achievable by fulfilling the salary crediting bonus interest category. Additionally, the bonus interest rates are subject to change, so it is important to keep an eye on the Bank of China website for the latest updates.
By fulfilling one or more of these bonus interest categories, you can earn more interest on your Bank of China SmartSaver account and make the most of your savings.
Additional Benefits and Services
As a Bank of China Smart Saver account holder, you can enjoy a variety of additional benefits and services that can enhance your banking experience. Here are some of the most notable ones:
Wealth Management Options
Bank of China offers a range of wealth management products that can help you grow your savings and investments. You can choose from a variety of options, including fixed deposits, unit trusts, and structured products, among others. These products are designed to cater to different risk appetites and investment goals, so you can find one that suits your needs.
Multi-Currency Flexibility
With Bank of China Smart Saver, you can enjoy the flexibility of a multi-currency savings account. This means you can hold and manage multiple currencies in a single account, which can be useful if you frequently travel or make international transactions. You can also enjoy competitive foreign exchange rates when you convert currencies through Bank of China.
Digital Banking Perks
Bank of China offers a range of digital banking services that can make your banking experience more convenient and seamless. For instance, you can access your account through the BOC Internet Banking portal or the BOC Mobile Banking app. These platforms allow you to perform a range of banking transactions, such as checking your account balance, transferring funds, and paying bills, among others. You can also enjoy other digital perks, such as e-statements and SMS alerts, which can help you stay on top of your finances.
Overall, Bank of China Smart Saver offers a range of benefits and services that can make your banking experience more rewarding and convenient. Whether you’re looking for wealth management options, multi-currency flexibility, or digital banking perks, Bank of China has you covered. So why not open a Bank of China Smart Saver account today and start enjoying these benefits?
Terms and Account Management
Understanding the Terms and Conditions
To fully benefit from the Bank of China SmartSaver savings plan, it is important to understand the terms and conditions that govern the account. The SmartSaver plan is available only to holders of a Bank of China Multi-Currency Savings Account (MCS Account). Bonus interest is earned on the SGD deposit in the MCS Account, subject to the fulfilment of certain criteria and the terms and conditions set out by the bank.
The minimum initial deposit required to open an MCS Account is S$1,000. There is no account service charge for the MCS Account. However, a fee of S$2 will be charged if the monthly average balance falls below S$2,000. It is important to keep your account active to avoid it becoming a dormant account. If your account becomes dormant, you will be charged a monthly fee of S$2 until the account is reactivated.
Managing Your Account
Managing your Bank of China SmartSaver account is easy and straightforward. You can access your account through various channels, including ATM Card, BOC Internet Banking, and Telephone Banking services. You can also receive monthly statements to keep track of your account activity and ensure that you meet the criteria for earning bonus interest.
To ensure that you receive important account information, it is important to maintain an up-to-date registered mailing address with the bank. If you have a joint account, both account holders must agree on any changes to the registered mailing address.
In summary, the Bank of China SmartSaver savings plan is a great way to earn bonus interest on your savings. By understanding the terms and conditions and managing your account effectively, you can maximise the benefits of this savings plan.
Frequently Asked Questions
How can I benefit from the Bank of China Smart Saver’s interest rates?
You can benefit from the Bank of China Smart Saver’s interest rates by opening an MCS account and depositing at least S$200. By doing so, you will be eligible to participate in the Smart Saver savings plan. With the new changes effective from 1 January 2023, you can earn up to 7.00% p.a. on the first S$100,000 of your BOC Multi-Currency Savings (MCS) account balance through prevailing interest and bonus interests for wealth, card spend, salary crediting and payment.
What are the latest promotions for fixed deposits at Bank of China Singapore?
As of now, there are no promotions for fixed deposits at Bank of China Singapore. However, you can check their website for any updates on the latest promotions.
Is there a way to calculate my potential earnings with the Smart Saver account?
Yes, you can calculate your potential earnings with the Smart Saver account by using the Bank of China’s online calculator. All you need to do is input the amount of deposit and the tenure of your savings plan, and the calculator will provide you with an estimate of your potential earnings.
What are the reviews saying about the Bank of China Smart Saver programme?
The Bank of China Smart Saver programme has received positive reviews from customers who have benefited from the high-interest rates and bonus interest. Many customers have praised the bank for its excellent customer service and easy-to-use online banking platform.
How do I open a Smart Saver account online with Bank of China in Singapore?
To open a Smart Saver account online with Bank of China in Singapore, you need to follow these steps:
- Visit the Bank of China Singapore website.
- Click on the “Apply Now” button under the Smart Saver section.
- Fill in your personal details and upload the required documents.
- Once your application is approved, you will receive an email with your account details.
Are there any fees for maintaining a Bank of China Smart Saver account?
No, there are no fees for maintaining a Bank of China Smart Saver account. However, you may be charged a fee for certain transactions, such as ATM withdrawals or fund transfers. It is important to check with the bank for any applicable fees before making any transactions.