Stanchart Bonus Saver Singapore is a savings account offered by Standard Chartered Bank in Singapore. This account is designed to help you grow your savings easily by rewarding you with bonus interest. The account offers a tiered interest rate structure that allows you to earn higher interest rates when you meet certain criteria.
To be eligible for the Bonus Saver Account, you must be a Singaporean or Permanent Resident and have a minimum age of 18 years. You must also maintain a minimum average daily balance of $3,000 in your Bonus Saver Account. The account offers bonus interest of up to 7.88% p.a. when you spend, credit salary, invest, insure, and pay bills through the account.
If you are looking for a savings account that rewards you for your daily transactions and saving practices, then the Stanchart Bonus Saver Singapore account may be a good option for you. With its tiered interest rate structure and bonus interest, you can maximise your earnings and grow your savings easily. However, it is important to consider the fees and charges associated with the account and ensure that you meet the eligibility requirements before opening the account.
Key Takeaways
- Stanchart Bonus Saver Singapore is a savings account offered by Standard Chartered Bank in Singapore that rewards you with bonus interest.
- To be eligible for the account, you must be a Singaporean or Permanent Resident and maintain a minimum average daily balance of $3,000.
- The account offers a tiered interest rate structure and bonus interest of up to 7.88% p.a. when you meet certain criteria.
Understanding the Bonus$aver Account
If you are looking for a savings account that offers a high-interest rate, the Bonus$aver account from Standard Chartered Bank is worth considering. This account comes with a range of features that can help you earn bonus interest and maximise your savings.
Key Features
The Bonus$aver account is a current account that can be linked to a Bonus$aver World MasterCard credit and/or debit card/s. The account offers a base interest rate of up to 0.10% p.a. and a maximum interest rate of up to 2.38% p.a. on eligible deposit balances of up to S$100,000. You can earn bonus interest when you do any of the following:
- Spend a minimum of S$500 on your card to earn additional 1.30% p.a. bonus interest, or at least S$2,000 to earn an additional 2.05% p.a.
- Credit a salary of S$3,000 or more per month to earn an additional 0.10% p.a. bonus interest
- Invest with or buy an insurance policy from Standard Chartered Bank to earn an additional 0.90% p.a. bonus interest
- Pay at least three bills online monthly via GIRO to earn an additional 0.07% p.a. bonus interest
Interest Rate Structure
The Bonus$aver account has a tiered interest rate structure that allows you to earn more interest as you fulfil more of the bonus criteria. The table below summarises the interest rate structure of the account:
| Balance | Base Interest Rate | Additional Bonus Interest Rate |
|---|---|---|
| Up to S$100,000 | Up to 0.10% p.a. | Up to 2.28% p.a. |
It is important to note that the bonus interest rates are subject to change and may depend on factors such as prevailing interest rates and the bank’s discretion.
In conclusion, the Bonus$aver account from Standard Chartered Bank is a great option for those looking to maximise their savings. With its high-interest rates and bonus criteria, you can earn more interest on your deposits and reach your savings goals faster.
Eligibility and Requirements
To open a Standard Chartered Bonus$aver account, you must be a Singaporean or foreigner with a valid employment pass or dependant pass. The minimum age requirement for clients applying for Bonus$aver account and Bonus$aver Debit Card is 18 years old. For clients applying for Bonus$aver account and Bonus$aver Credit Card, the minimum age requirement is 21 to 65 years old. Existing Standard Chartered Credit Cardholders can also apply for the Bonus$aver account.
Opening the Account
Opening a Bonus$aver account is easy and can be done online or in person at any Standard Chartered branch. There is no minimum initial deposit required, making it accessible to everyone.
Documentation Needed
To open a Bonus$aver account, you will need to provide the following documents:
- For Singaporeans:
- NRIC (front and back)
- For Foreigners:
- Passport (with at least 6 months validity)
- Employment Pass (with at least 6 months validity)
No additional documents are required for existing Standard Chartered Credit Cardholders.
With the Bonus$aver account, you can earn up to 4.88% p.a. in interest by fulfilling certain criteria such as making daily transactions, crediting your salary, and paying bills. The account also offers no FX fees for 14 currencies, making it a great option for frequent travellers.
In summary, the Standard Chartered Bonus$aver account is an excellent option for those looking to earn high interest rates without a high initial deposit. With its easy application process and accessible eligibility requirements, it’s a great choice for both Singaporeans and foreigners alike.
Earning Bonus Interest
To earn bonus interest on your Stanchart Bonus Saver Account, you need to meet certain criteria. These criteria include salary crediting, bill payments, spend, insurance policy, eligible unit trust, and investment.
Meeting the Criteria
To earn bonus interest, you need to credit your salary of at least $3,000 per month through GIRO. You can also earn bonus interest by making bill payments of at least $50 per month. Additionally, you can earn bonus interest by spending a minimum of $500 on your Stanchart Bonus Saver Account card or at least $2,000 to earn an additional 2.05% p.a.
Bonus Interest Activities
Apart from meeting the criteria, there are other activities that can help you earn bonus interest. These activities include investing in eligible unit trusts and purchasing an insurance policy. By investing in eligible unit trusts, you can earn up to 2.00% p.a. bonus interest. Similarly, by purchasing an insurance policy, you can earn up to 1.50% p.a. bonus interest.
Overall, the Stanchart Bonus Saver Account is an excellent option for individuals seeking to earn higher interest through their saving practices and daily transactions. By meeting the criteria and participating in bonus interest activities, you can maximize your earnings and achieve your financial goals.
Fees and Charges
As with any savings account, it is important to understand the fees and charges associated with the Standard Chartered Bonus$aver account. This section will outline the different types of fees and charges you may encounter.
Account Fees
The Standard Chartered Bonus$aver account has a monthly fall-below fee of £5. This fee is charged if your account falls below the minimum average daily balance of £3,000. It is important to ensure that you maintain the minimum balance to avoid this fee.
Card Related Fees
Linked to your Bonus$aver account, you will receive a debit card and a credit card. The debit card does not have an annual fee, but the credit card does. The annual fee for the credit card is £192.60.
There are also other charges related to the card usage. For instance, cash advance fee per transaction is charged at 8% on the Cash Advance, subject to a minimum fee of £15, in addition to the finance charges of 0.082% per day on the amount withdrawn from the date of the transaction until the date of full payment (Effective Interest Rate: 29.9% per annum).
It is important to be aware of these fees and charges so that you can make informed decisions about your Bonus$aver account. By understanding the fees and charges, you can avoid unnecessary charges and make the most of your savings.
Pros and Cons
Advantages
If you’re looking for a savings account with a high interest rate, the Stanchart Bonus Saver Account is definitely worth considering. With a maximum interest rate of 7.88% p.a., it’s one of the most competitive savings accounts in Singapore. Additionally, the account offers bonus interest rates for certain qualifying activities, such as paying bills and credit card spending.
Another advantage of the Stanchart Bonus Saver Account is that there is no minimum deposit required to open the account. This means you can start saving without having to worry about meeting a minimum balance requirement.
Disadvantages
One of the main disadvantages of the Stanchart Bonus Saver Account is that it comes with certain criteria that must be met in order to earn the high interest rate. For example, you must maintain an average daily balance of at least $3,000 to have the monthly fall-below fee waived. Additionally, you must pay at least three bills of at least $50 each in order to earn the bonus 0.25% p.a. interest rate.
Another disadvantage of the Stanchart Bonus Saver Account is that it comes with certain charges. For example, if you don’t meet the minimum balance requirement, you’ll be charged a monthly fall-below fee of $5. Additionally, there are certain fees associated with using the account, such as ATM withdrawal fees and foreign currency exchange fees.
Overall, the Stanchart Bonus Saver Account is a great option for those looking to earn a high interest rate on their savings. However, it’s important to carefully review the terms and conditions to ensure that you’re able to meet the criteria and avoid any unnecessary charges.
Frequently Asked Questions
How exhilarating are the interest rates for the Bonus Saver account with Standard Chartered?
The interest rates for the Bonus Saver account with Standard Chartered are indeed exhilarating. With the Bonus Saver account, you can earn up to 2.38% p.a. interest on your savings, which is one of the highest rates in Singapore. Additionally, the interest rate is tiered, which means the more you save, the higher the interest rate you earn.
What splendid benefits does one receive with the Bonus Saver World Mastercard?
The Bonus Saver World Mastercard offers a range of splendid benefits, including cashback on your spending, access to exclusive events and promotions, and enhanced security features to protect your transactions. With the Bonus Saver World Mastercard, you can earn up to 1.5% cashback on your spending, and there are no annual fees.
Could you enlighten me on the minimum balance requirements for the Standard Chartered Bonus Saver account?
To open a Standard Chartered Bonus Saver account, you need a minimum deposit of $1,000. However, there is no minimum balance requirement to maintain the account. You can withdraw your funds at any time without penalty.
Is there a fall below fee for the Standard Chartered Bonus Saver, and how does it work?
There is no fall below fee for the Standard Chartered Bonus Saver account. This means that you will not be charged any fees if your account balance falls below a certain amount.
What are the delightful perks of using a Bonus Saver credit card?
The Bonus Saver credit card offers a range of delightful perks, including cashback on your spending, access to exclusive events and promotions, and enhanced security features to protect your transactions. With the Bonus Saver credit card, you can earn up to 1.5% cashback on your spending, and there are no annual fees.
How does one calculate the potential earnings from a Standard Chartered Bonus Saver account?
To calculate the potential earnings from a Standard Chartered Bonus Saver account, you need to take into account the interest rate, the balance in your account, and the number of criteria you meet each month. You can use the Standard Chartered Bonus Saver calculator to estimate your potential earnings based on your savings and spending habits.