If you’re looking for a savings account in Singapore that offers high interest rates and multiple ways to earn bonuses, the Standard Chartered Bonus$aver Account could be the perfect fit for you. This account is designed to maximise earnings through a tiered interest rate structure, allowing you to earn up to 7.88% p.a. in interest. In this article, we’ll take a closer look at the Bonus$aver Account and its features, as well as how it compares to other savings accounts in Singapore.
The Standard Chartered Bonus$aver Account is a money multiplier account that offers multiple ways to earn bonuses. With this account, you can earn bonus interest on the first S$80,000 in your account by meeting the requirements for each of the account’s five main pillars. These pillars include salary credit, credit card spend, online banking, wealth management, and insurance. By meeting the requirements for each pillar, you can earn an effective interest rate of up to 2.38% p.a. In addition to the bonus interest, the Bonus$aver Account also offers a range of other benefits, such as cashback on eligible transactions, fee waivers, and more.
Overall, the Standard Chartered Bonus$aver Account is a great option for individuals who are looking to maximise their savings and earn high interest rates. With its tiered interest rate structure and multiple ways to earn bonuses, this account offers a great deal of flexibility and convenience. If you’re interested in opening a Bonus$aver Account, be sure to review the account’s terms and conditions carefully, and compare it to other savings accounts in Singapore to ensure that it’s the right fit for your needs.
Key Takeaways
- The Standard Chartered Bonus$aver Account is a money multiplier account that offers high interest rates and multiple ways to earn bonuses.
- The account’s five main pillars include salary credit, credit card spend, online banking, wealth management, and insurance.
- In addition to bonus interest, the account also offers a range of other benefits, such as cashback on eligible transactions and fee waivers.
Overview of Standard Chartered Bonus$aver Account
If you’re looking for a high-interest savings account in Singapore, the Standard Chartered Bonus$aver Account might be just what you need. With an interest rate of up to 3.88% per annum, this account offers one of the highest interest rates in the market.
Eligibility and Application Process
To apply for a Bonus$aver account, you must be a Singaporean or a foreigner with a valid passport or employment pass. You can apply for the account online or in person at any Standard Chartered Bank branch.
To open the account, you will need to make a minimum initial deposit of $3,000. There is no monthly fee, but there is a fall-below fee of $5 if your account balance falls below $3,000.
Minimum Initial Deposit and Balance Requirements
The Bonus$aver account requires a minimum initial deposit of $3,000. However, to earn the high-interest rate of up to 3.88% per annum, you must meet certain criteria. These include:
- Crediting your salary or making at least 3 eligible transactions per month
- Maintaining a minimum monthly average balance of $3,000
If you meet these criteria, you can earn up to 3.88% per annum on the first $100,000 in your account. Any amount above $100,000 will earn a lower interest rate of 0.10% per annum.
In conclusion, the Standard Chartered Bonus$aver Account is a great option for Singaporeans and foreigners looking for a high-interest savings account. With a minimum initial deposit of $3,000 and no monthly fee, it’s easy to get started. Just make sure you meet the eligibility criteria and maintain the minimum monthly average balance to earn the high-interest rate.
Interest Earning Mechanism
If you’re looking for a savings account that can help you earn high interest rates, Standard Chartered Bonus$aver Account might be the perfect choice for you. Here’s how the interest earning mechanism works:
Base Interest Rate
The Bonus$aver Account comes with a base interest rate of up to 0.10% p.a. This means that you’ll earn this interest rate on your deposit balance regardless of your spending habits.
Bonus Interest Criteria
In addition to the base interest rate, you can earn bonus interest rates of up to 7.88% p.a. on your deposit balance. To qualify for the bonus interest rates, you need to meet certain criteria.
Firstly, you need to have a minimum deposit balance of S$3,000 in your Bonus$aver Account. Secondly, you need to make a minimum eligible spend of S$500 on your Bonus$saver card on qualifying retail transactions every month. Finally, you need to credit your salary or make bill payments through GIRO to your Bonus$aver Account every month.
Prevailing Interest Rates
The prevailing interest rates for the Bonus$aver Account are subject to change. As of February 2024, the prevailing interest rates are as follows:
| Deposit Balance | Prevailing Interest Rate |
|---|---|
| Up to S$200,000 | 0.10% p.a. |
| Above S$200,000 | 0.05% p.a. |
It’s important to note that the prevailing interest rates are subject to change without prior notice.
Effective Interest Rate
The effective interest rate is the total interest rate you’ll earn on your deposit balance, including both the base interest rate and the bonus interest rates. To calculate the effective interest rate, you can use the following formula:
Effective Interest Rate = (Total Interest Earned / Average Daily Balance) x 365 x 100%
In conclusion, the Standard Chartered Bonus$aver Account is a great option for those who want to earn high interest rates on their savings. By meeting the bonus interest criteria, you can earn up to 7.88% p.a. on your deposit balance.
Bonus$aver Rewards and Benefits
If you’re looking for an account that rewards you for your saving and spending habits, then the Standard Chartered Bonus$aver account is worth considering. Here are some of the rewards and benefits you can enjoy with this account.
Salary Crediting and Bill Payments
To earn higher interest rates with the Bonus$aver account, you’ll need to credit your salary and make bill payments through GIRO. By doing so, you can earn up to 3.88% p.a. interest on your account balance. Plus, if you credit your salary within the first 2 months of account opening, you can get an additional S$80 cashback.
Card Spend Rewards
With the Bonus$aver World Mastercard Credit Card, you can earn up to 1% cashback on eligible spending. Plus, you can enjoy up to 50% off dining, shopping, and entertainment deals with the card. By using the card for your daily spending, you can earn more rewards and bonuses.
Investment and Insurance Bonuses
If you’re looking to invest or get insurance, the Bonus$aver account can reward you for that too. By investing in eligible unit trusts or purchasing insurance products, you can earn up to 3.88% p.a. interest on your account balance. Plus, you can get up to S$1,000 cashback when you invest in eligible unit trusts or purchase eligible insurance products.
In summary, the Standard Chartered Bonus$aver account offers a range of rewards and benefits for those who are looking to maximise their savings and spending. By crediting your salary, making bill payments, using the Bonus$aver World Mastercard Credit Card, and investing in eligible unit trusts or purchasing eligible insurance products, you can earn higher interest rates and cashback rewards.
Banking Convenience and Additional Features
Managing your finances has never been easier with the Standard Chartered Bonus Saver Account. The account offers a range of banking conveniences and additional features that make it an attractive option for customers.
Online Banking and Mobile App
With Standard Chartered’s online banking platform and mobile app, you can manage your Bonus Saver Account from anywhere in the world. The platform allows you to view your account balance, transfer funds, pay bills, and more. You can also set up alerts for account activity, such as when a transaction is made or when your account balance falls below a certain amount. This feature helps you stay on top of your finances and avoid overdraft fees.
Debit and Credit Card Facilities
The Standard Chartered Bonus Saver Account comes with a debit card that you can use to withdraw cash, make purchases, and pay bills. The debit card has no annual fee, making it a cost-effective option for customers. Additionally, you can link your Bonus Saver Account to a Standard Chartered credit card, which offers a range of benefits such as cashback rewards and air miles. Standard Chartered credit cards have different annual fees depending on the type of card and the benefits it offers.
Overall, the Standard Chartered Bonus Saver Account is a convenient and feature-packed option for customers who want to manage their finances efficiently. With its online banking platform, mobile app, debit card, and credit card facilities, the account provides a comprehensive banking experience that meets the needs of modern customers.
Comparison with Other Savings Accounts
If you’re looking for a savings account in Singapore, you may be wondering how Standard Chartered Bonus$aver account compares to other popular accounts like OCBC 360, DBS Multiplier, and UOB One Account. Here’s a breakdown of how Bonus$aver stacks up against these accounts.
OCBC 360 vs Bonus$aver
OCBC 360 is a popular savings account that offers up to 3.45% interest per annum on your account balance when you fulfill certain criteria. However, Bonus$aver offers a higher interest rate of up to 7.88% per annum on your account balance when you fulfill certain criteria. Bonus$aver also has a lower minimum subscription sum of $3,000 compared to OCBC 360’s $20,000 minimum.
DBS Multiplier vs Bonus$aver
DBS Multiplier is another popular savings account that offers up to 3.8% interest per annum on your account balance when you fulfill certain criteria. However, Bonus$aver offers a higher interest rate of up to 7.88% per annum on your account balance when you fulfill certain criteria. Bonus$aver also has a lower minimum subscription sum of $3,000 compared to DBS Multiplier’s $2,000 minimum.
UOB One Account vs Bonus$aver
UOB One Account is a savings account that offers up to 2.5% interest per annum on your account balance when you fulfill certain criteria. However, Bonus$aver offers a higher interest rate of up to 7.88% per annum on your account balance when you fulfill certain criteria. Bonus$aver also has a lower minimum subscription sum of $3,000 compared to UOB One Account’s $10,000 minimum.
Overall, if you’re looking for a high-interest savings account in Singapore, Standard Chartered Bonus$aver is definitely worth considering. With its impressive interest rates and lower minimum subscription sum, it’s a great option for anyone looking to maximize their savings.
Frequently Asked Questions
How can I maximise my earnings with the Bonus Saver account?
To maximise your earnings with the Standard Chartered Bonus Saver account, you need to fulfil the criteria to earn bonus interest. This includes salary crediting, card spending, and investing in eligible products. You can earn up to 4.88% p.a. in bonus interest. By meeting the criteria, you can earn a higher interest rate than the prevailing interest rate.
What are the eligibility criteria for the Bonus Saver account?
To be eligible for the Standard Chartered Bonus Saver account, you need to be a Singapore citizen or permanent resident. You also need to be at least 18 years old and have a minimum monthly salary credit of $3,000. You must also have a Standard Chartered credit card and invest in eligible products.
Are there any special perks associated with the Bonus Saver credit card?
Yes, there are special perks associated with the Standard Chartered Bonus Saver credit card. You can earn cashback on your spending, and there are also discounts available on dining, shopping, and travel. You can also enjoy exclusive deals and promotions throughout the year.
What is the current interest rate offered on the Bonus Saver account?
The current interest rate offered on the Standard Chartered Bonus Saver account is up to 3.88% p.a. on eligible deposit balances of up to $100,000. This rate is subject to change, and you can earn bonus interest by fulfilling the criteria.
How much do I need to maintain as a minimum balance in my Bonus Saver account?
You need to maintain a minimum average daily balance of $3,000 in your Standard Chartered Bonus Saver account. This balance is inclusive of your deposits, investments, and outstanding balances on your credit card.
Is there a penalty if my account balance falls below the required minimum?
Yes, there is a penalty if your Standard Chartered Bonus Saver account balance falls below the required minimum. You will be charged a fall below fee of $5 per month if your average daily balance falls below $3,000.