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 3.8