If you’re looking for a savings account that offers high interest rates and bonus categories, then this Bank of China SmartSaver Account in Singapore Review will help you with the Bank of China SmartSaver account that you might be considering.
This savings plan is designed for Bank of China Singapore‘s Multi-Currency Savings (MCS) account holders who are 18 years old and above. By depositing at least S$200 into your MCS account, you can participate in this savings plan and earn bonus interest.
The Bank of China SmartSaver account has been around for a while and has undergone some changes over the years. As of January 2023, the account offers a maximum interest rate of 3% p.a. However, it’s not as easy to hit the 3% p.a. interest rate as it used to be. In this article, we’ll take a closer look at the Bank of China SmartSaver account in Singapore, including its interest rates, account features, fees, and more.
Key Takeaways
- Bank of China SmartSaver account is a savings plan for MCS account holders that offers bonus interest.
- The account offers a maximum interest rate of 3% p.a., but it’s not as easy to hit the 3% p.a. interest rate as it used to be.
- The account has some unique features and benefits, but it’s important to consider the fees and charges before opening an account.
Bank of China SmartSaver Account in Singapore Review: The Overview
If you’re looking for a savings account that offers high-interest rates and bonus interest, the Bank of China SmartSaver Account might be the perfect account for you. This savings account is designed for individuals who want to earn more interest on their savings while enjoying the convenience of a multi-currency savings account.
Key Features
The Bank of China SmartSaver Account offers a range of features that make it an attractive option for savers in Singapore. Here are some of the key features of the account:
- High-Interest Rates: With the Bank of China SmartSaver Account, you can earn up to 3.55% p.a. on your savings. This is higher than what most banks in Singapore offer.
- Bonus Interest: In addition to the high-interest rates, you can earn bonus interest by fulfilling certain criteria. For example, you can earn bonus interest by making card spend, salary crediting, or payment.
- Multi-Currency Savings Account: The Bank of China SmartSaver Account is a multi-currency savings account. You can deposit and withdraw funds in multiple currencies, including SGD, USD, AUD, HKD, and more.
- No Monthly Fees: There are no monthly fees or fall-below fees for the Bank of China SmartSaver Account. This means that you can enjoy the high-interest rates without worrying about additional charges.
Eligibility Criteria
To be eligible for the Bank of China SmartSaver Account, you must meet the following criteria:
- You must be at least 18 years old.
- You must have a valid identification document, such as an NRIC or passport.
- You must have a BOC Multi-Currency Savings Account.
- You must deposit at least S$1,500 to open the account.
Overall, the Bank of China SmartSaver Account is an excellent option for individuals who want to earn high-interest rates on their savings and enjoy the convenience of a multi-currency savings account. With its attractive features and eligibility criteria, this savings account is definitely worth considering if you’re looking for a new savings account in Singapore.
Bank of China SmartSaver Account in Singapore Review: Interest Rates and Bonus Categories
If you’re looking for a savings account with a high-interest rate, the Bank of China SmartSaver Account might be the right choice for you. Here’s a breakdown of the interest rates and bonus categories that you can enjoy with this account.
Base Interest
The Bank of China SmartSaver Account offers a base interest rate of 0.25% per annum. This is higher than the interest rates offered by some other banks in Singapore.
Bonus Interest Rates
In addition to the base interest rate, the Bank of China SmartSaver Account also offers bonus interest rates. These bonus interest rates can be earned by fulfilling certain requirements.
Salary Crediting Bonus Interest
If you credit your salary into your Bank of China SmartSaver Account, you can earn a bonus interest rate of up to 1.6% per annum. This bonus interest rate is calculated based on the amount of your salary credit and the length of your salary crediting period.
Payment Bonus Interest
If you use your Bank of China SmartSaver Account to pay bills, you can earn a bonus interest rate of up to 0.35% per annum. This bonus interest rate is calculated based on the total amount of bill payments made from your account.
Card Spend Bonus Interest
If you use your Bank of China SmartSaver Account to make card transactions, you can earn a bonus interest rate of up to 0.35% per annum. This bonus interest rate is calculated based on the total amount of card transactions made from your account.
Wealth Bonus Interest
If you maintain a minimum average daily balance of S$200,000 in your Bank of China SmartSaver Account, you can earn a wealth bonus interest rate of up to 0.35% per annum. This bonus interest rate is calculated based on the average daily balance of your account.
With these bonus interest rates, you can earn an effective interest rate of up to 2.55% per annum on your Bank of China SmartSaver Account.
Bank of China SmartSaver Account in Singapore Review: Account Features and Benefits
If you are looking for a savings plan that can help you earn bonus interest and provide you with a range of other benefits, the Bank of China SmartSaver Account might just be what you need. Here are some of the features and benefits that you can enjoy with this account.
Account Balance and Deposits
To open a Bank of China SmartSaver Account, you need to make a deposit of at least S$1,500. This initial deposit will give you access to a range of benefits, including bonus interest rates and other rewards. Additionally, you must maintain a minimum balance of S$1,500 in your account at all times to avoid any penalties.
Wealth Bonus and High Earners
The Bank of China SmartSaver Account is designed to reward high earners and provide them with additional benefits. If you earn a high income, you may be eligible for a wealth bonus, which can help you earn even more interest on your deposits. The wealth bonus is calculated based on your account balance and the amount of money you deposit each month.
Insurance and Investment Options
In addition to offering high-interest savings accounts, the Bank of China also provides a range of insurance and investment options. These options include life insurance, health insurance, and investment products that can help you grow your wealth over time. If you are looking for a one-stop-shop for all of your financial needs, the Bank of China SmartSaver Account might be the perfect choice for you.
Overall, the Bank of China SmartSaver Account is an excellent choice for anyone who wants to earn high-interest rates on their savings while also enjoying a range of other benefits. Whether you are a high earner or just starting out, this account can help you achieve your financial goals and build a brighter future for yourself and your family.
Comparing with Other Savings Accounts
If you’re looking for a savings account that offers competitive interest rates, you might be wondering how Bank of China’s SmartSaver account stacks up against other popular savings accounts in Singapore. Here’s a quick comparison of the SmartSaver account with three other popular savings accounts:
OCBC 360 Account
OCBC 360 Account is a popular choice for savers who want to earn higher interest rates on their savings. With this account, you can earn up to 1.2% p.a. interest on your savings when you meet certain criteria, such as crediting your salary, paying bills, and spending on your OCBC credit card. However, to earn the bonus interest, you need to fulfill multiple criteria, which can be a hassle for some savers.
UOB One Account
UOB One Account is another popular savings account that offers bonus interest rates when you meet certain criteria. With this account, you can earn up to 1.5% p.a. interest on your savings when you spend a minimum of $500 on your UOB credit card and credit your salary or make three GIRO payments. However, like the OCBC 360 Account, you need to fulfill multiple criteria to earn the bonus interest, which can be a hassle for some savers.
DBS Multiplier Account
DBS Multiplier Account is a savings account that offers bonus interest rates when you credit your salary or make eligible transactions. With this account, you can earn up to 3.5% p.a. interest on your savings when you credit your salary and make eligible transactions. However, the bonus interest rates are tiered, and you need to fulfill multiple criteria to earn the maximum interest rate. Moreover, the bonus interest rates are subject to change, which can be a concern for some savers.
Overall, Bank of China’s SmartSaver account offers a competitive interest rate of up to 1.4% p.a. without requiring multiple criteria to be fulfilled. If you’re looking for a savings account that offers a hassle-free way to earn higher interest rates on your savings, the SmartSaver account might be a good choice for you.
Other savings accounts that you might want to consider include UOB One Savings, POSB SAYE Savings Account, CIMB FastSaver, and Maybank Save Up. However, it’s important to compare the interest rates, fees, and criteria of each account to find the one that best suits your needs.
Bank of China SmartSaver Account in Singapore Review: Fees and Charges
If you’re considering opening a Bank of China SmartSaver account, it’s important to understand the fees and charges associated with it. Here’s a breakdown of what you can expect.
Minimum Balance and Deposit Requirements
To open a Bank of China SmartSaver account, you’ll need to make a minimum initial deposit of S$200. However, to earn the bonus interest rates, you’ll need to maintain a minimum balance of S$1,500 in your account. If your balance falls below this amount, you’ll earn the base interest rate of 0.25% p.a. and won’t be eligible for the bonus interest rates.
Account Service Charges
There are no monthly account maintenance fees for the Bank of China SmartSaver account. However, there are some transactional charges that you should be aware of. For instance, if you make a withdrawal from your account at a Bank of China ATM, there are no charges. But if you make a withdrawal at a non-Bank of China ATM, you’ll be charged S$5 per transaction. Similarly, if you make a cash deposit at a non-Bank of China ATM, you’ll be charged S$5 per transaction.
It’s important to note that these fees and charges are subject to change. You should check with Bank of China for the most up-to-date information before opening an account.
Overall, the Bank of China SmartSaver account offers competitive interest rates and minimal fees and charges. It’s a great option if you’re looking to earn more on your savings while keeping your costs low.
Bank of China SmartSaver Account in Singapore Review: Transactions and Accessibility
If you’re looking for an account that offers a range of transactions and accessibility options, the Bank of China SmartSaver Account may be just what you need. Here’s a closer look at the different ways you can manage your money with this account.
GIRO and Bill Payments
With the Bank of China SmartSaver Account, you can set up GIRO transactions and pay your bills online. This means you can easily automate your payments and ensure that your bills are paid on time without having to worry about missing a payment or incurring late fees. You can also view your transaction history online or through the mobile app, so you can keep track of your spending and stay on top of your finances.
Debit Card and Cash Withdrawal
The Bank of China SmartSaver Account comes with a debit card that you can use to make purchases and withdraw cash from ATMs. You can use your debit card to withdraw cash from any Bank of China ATM or any ATM that is part of the NETS network in Singapore. This means you can access your money whenever you need it, whether you’re at home or out and about.
Online Banking and Mobile App
The Bank of China SmartSaver Account also comes with online banking and a mobile app that you can use to manage your account and perform transactions. With online banking, you can access your account from your computer and perform transactions such as fund transfers and bill payments. The mobile app allows you to access your account from your smartphone or tablet, so you can manage your money on the go.
Overall, the Bank of China SmartSaver Account offers a range of transactions and accessibility options that make it easy to manage your money and stay on top of your finances. Whether you prefer to bank online or through your mobile device, this account has you covered.
Bank of China SmartSaver Account in Singapore Review: Additional Perks and Promotions
If you are looking for more benefits from your Bank of China SmartSaver account, you’re in luck! The account comes with a range of additional perks and promotions that you can take advantage of to maximise your savings.
Ongoing Promotions and Rewards
Bank of China regularly runs promotions and rewards for its SmartSaver account holders. These promotions can include cash gifts, bonus interest rates, and other rewards. Keep an eye on the Bank of China website or your email inbox for the latest promotions and rewards.
Joint Account and Supplementary Card Benefits
If you have a joint account or supplementary card with Bank of China, you can enjoy additional benefits and rewards. Joint account holders can earn bonus interest rates on their deposits, while supplementary cardholders can earn rewards points that can be redeemed for a range of services and products.
In addition to these benefits, Bank of China also offers a range of other banking and credit card services that can help you manage your finances and save money. Whether you’re looking for a savings account, credit card, or other financial services, Bank of China has a range of options to suit your needs.
Overall, the Bank of China SmartSaver account is an excellent choice for anyone looking to save money and earn interest on their deposits. With a range of additional perks and promotions, as well as other banking and credit card services, Bank of China is a great option for anyone looking to manage their finances and save money.
Bank of China SmartSaver Account in Singapore Review: Practical Considerations
Realistic Interest Rate Expectations
When considering the Bank of China SmartSaver Account, it’s important to have realistic expectations for interest rates. While the maximum interest rate you can earn is 3% per annum, meeting the criteria to earn the bonus interest can be challenging. Therefore, it’s important to ensure that you can meet the requirements for the bonus interest before opening an account.
Meeting the Bonus Interest Criteria
To earn the bonus interest, you must meet certain criteria within a calendar month. This includes maintaining a minimum balance of S$1,500, spending a minimum of S$500 on your Bank of China credit card, and crediting your salary or making three bill payments of at least S$30 each via GIRO. While these requirements may seem like a lot of hoops to jump through, they can result in extra savings interest that can add up over time.
It’s important to note that failing to meet any of the bonus interest criteria for a calendar month will result in the loss of bonus interest for that month. Therefore, it’s important to keep track of your spending and make sure you meet the criteria each month to maximise your extra savings.
Overall, the Bank of China SmartSaver Account can be an exciting opportunity to earn extra savings interest. However, it’s important to have realistic expectations for interest rates and to ensure that you can meet the bonus interest criteria each calendar month. With careful planning and attention to detail, you can make the most of this savings plan and achieve your financial goals.
Customer Experience
When it comes to customer experience, Bank of China SmartSaver Account is known for its excellent service. Here are some of the things you can expect:
Branch and Customer Service
Bank of China has several branches located throughout Singapore, making it easy for you to visit one and open an account or get assistance with your banking needs. The bank’s customer service is also highly rated, with friendly and knowledgeable staff who are always ready to help.
User Reviews and Feedback
Customers who have used Bank of China SmartSaver Account have generally been very satisfied with the experience. They appreciate the high interest rates offered by the account and the ease of use of the bank’s online and mobile banking platforms. Some users have reported occasional issues with the bank’s website, but these seem to be rare and are quickly resolved by the bank’s customer service team.
Overall, Bank of China SmartSaver Account is a great option for anyone looking for a high-interest savings account with excellent customer service. Whether you’re a Singaporean resident or a foreigner living in Singapore, you’ll find that Bank of China is a reliable and trustworthy bank that you can count on for all your banking needs.
Closing an Account
If you decide to close your Bank of China SmartSaver Account, you can do so by visiting any Bank of China branch in Singapore. Make sure you bring along your identification documents and your passbook. You will also need to fill in a form to request for account closure.
Dormant Accounts and Closure Process
If your account has been dormant for a long time, it may be subject to closure. According to Bank of China’s terms and conditions, if there has been no activity in your account for a period of 12 months, the bank may consider it a dormant account. In this case, the bank may send you a notice to inform you of the account’s status. If you do not respond to the notice or make any transactions, the bank may proceed to close the account.
It is important to note that if you have any outstanding balances in your account, the bank may deduct these amounts before closing the account. Therefore, it is important to ensure that you clear any outstanding payments before closing the account.
In conclusion, closing your Bank of China SmartSaver Account is a simple process. Just visit any Bank of China branch in Singapore with your identification documents and passbook, and fill in the account closure form. If your account has been dormant for a long time, make sure you respond to any notices sent by the bank to avoid having your account closed without your knowledge.
Frequently Asked Questions
How exhilarating are the interest rates for the BOC SmartSaver account?
The interest rates for the BOC SmartSaver account are highly competitive. You can earn bonus interest rates of up to 3.00% p.a. on your savings when you fulfill certain criteria. The interest rates are subject to change, so make sure to check the latest rates on the Bank of China Singapore website.
Can I open a Bank of China savings account online with absolute ease?
Yes, you can easily open a Bank of China savings account online. All you need to do is fill out the online application form and submit the required documents. Once your application is approved, you will receive your account details and can start using your account right away.
What are the latest perks of the BOC Smart Saver programme for 2023?
The latest perks of the BOC Smart Saver programme for 2023 include bonus interest rates of up to 3.00% p.a. on your savings, cashback on your spending, and discounts on insurance products. To enjoy these perks, you need to fulfill certain criteria, such as maintaining a minimum balance and making eligible transactions.
Is there a fall below fee for the BOC SmartSaver, and how can I avoid it?
Yes, there is a fall below fee for the BOC SmartSaver. If your account balance falls below the minimum required balance, you will be charged a fee. To avoid this fee, make sure to maintain the minimum required balance at all times.
What’s the least amount I need to maintain in my BOC SmartSaver to dodge charges?
The least amount you need to maintain in your BOC SmartSaver to avoid charges depends on the type of account you have. For example, if you have a BOC SmartSaver account, you need to maintain a minimum balance of S$1,500. If you have a BOC SmartSaver Kids account, you need to maintain a minimum balance of S$500.
In terms of reliability, how does the Bank of China stand out for customers?
The Bank of China is a highly reliable bank that has been operating in Singapore for many years. It is regulated by the Monetary Authority of Singapore (MAS) and is a member of the Deposit Insurance Scheme (DIS). This means that your deposits with the bank are insured up to S$75,000 per depositor per Scheme member. The bank also has a strong customer service team that is always ready to assist you with any queries or issues you may have.
