Are you looking for a savings account that offers high-interest rates and bonus features? Then you must read this Standard Chartered Bonus$aver Account Review Singapore about the Standard Chartered Bonus$aver Account to know if it’s a perfect fit for you.
This innovative current account is designed to help you maximise your savings and earn bonus interest on the first S$100,000 of your account balance. In this article, we’ll comprehensively review the Standard Chartered Bonus$aver Account in Singapore, covering everything from its features and benefits to its requirements and account management.
The Standard Chartered Bonus$aver Account is a popular choice among savers in Singapore, thanks to its competitive interest rates and bonus features. With a base interest rate of 0.01% and bonus interest rates of up to 7.88%, this account offers one of the highest interest rates in town. To earn bonus interest, you’ll need to meet the requirements under each of the account’s five main pillars, which include spending, salary credit, bill payments, investments, and insurance.
Overall, the Standard Chartered Bonus$aver Account is a great option for anyone looking to earn high-interest rates on their savings while enjoying a range of bonus features. In the following sections, we’ll provide a more detailed overview of the account’s features and benefits, as well as its requirements and account management.
Key Takeaways
- The Standard Chartered Bonus$aver Account offers high-interest rates and bonus features to help you maximise your savings.
- To earn bonus interest, you’ll need to meet the requirements under each of the account’s five main pillars.
- The account offers a range of additional benefits and promotions, as well as easy account management through online and mobile banking.
Standard Chartered Bonus$aver Account Review Singapore: The Overview
If you’re looking for a savings account that offers high-interest rates, then you might want to consider the Standard Chartered Bonus$aver Account. This account is designed to reward you for your spending habits, and it comes with a range of features that make it a great choice for Singaporeans and foreigners alike.
Key Features
One of the key features of the Bonus$aver Account is the high-interest rate that it offers. Depending on your deposit and spending habits, you can earn up to 4.88% p.a. in interest. This is one of the highest interest rates available in Singapore, and it can help you to grow your savings quickly.
Another great feature of the Bonus$aver Account is the ability to earn bonus interest rates in different spending categories. For example, you can earn bonus interest rates on your credit card spending, your insurance premiums, and your investment purchases. This means that you can earn even more interest on your savings without having to do anything extra.
The Bonus$aver Account also comes with a range of other benefits, such as free cheque books, free internet banking, and free ATM withdrawals. Plus, you can link your Bonus$aver Account to a Bonus$aver World Mastercard, which gives you even more benefits and rewards.
Account Eligibility
To be eligible for the Bonus$aver Account, you must be a Singaporean or a foreigner with a valid work permit or employment pass. You must also be at least 18 years old and have a minimum deposit of S$3,000.
In addition, you must meet certain spending requirements to earn the bonus interest rates. For example, you must spend at least S$500 on your credit card each month, and you must have at least one eligible insurance policy with Standard Chartered. You must also have a minimum investment balance of S$30,000 with Standard Chartered.
Overall, the Standard Chartered Bonus$aver Account is a great choice for anyone who wants to earn high-interest rates on their savings. With its range of features and benefits, it’s easy to see why this account is so popular with Singaporeans and foreigners alike.
Standard Chartered Bonus$aver Account Review Singapore: Interest Rates and Benefits
If you’re looking for a high-interest savings account, Standard Chartered Bonus$aver Account might be what you need. Here’s a breakdown of the interest rates and benefits you can expect when you open an account.
Base Interest Rate
The base interest rate for Bonus$aver is 0.01% per annum. This rate is applicable on your entire account balance, regardless of how much money you have in your account.
Bonus Interest Criteria
To earn bonus interest, you need to meet certain criteria. These criteria include salary credit, credit card spend, bill payment, and wealth management. The table below shows the bonus interest rates you can earn based on the criteria you meet.
| Criteria | Bonus Interest Rate |
|---|---|
| Salary Credit | Up to 1.78% p.a. |
| Credit Card Spend | Up to 0.78% p.a. |
| Bill Payment | Up to 0.78% p.a. |
| Wealth Management | Up to 5.54% p.a. |
Maximum Interest Rate
The maximum interest rate you can earn on your Bonus$aver account is 7.88% p.a. This rate is applicable on your first S$100,000 deposit. To earn this rate, you need to meet all the bonus interest criteria mentioned above.
In summary, Bonus$aver offers a base interest rate of 0.01% p.a. and bonus interest rates of up to 7.88% p.a. To earn the maximum interest rate, you need to meet certain criteria such as salary credit, credit card spend, bill payment, and wealth management. With Bonus$aver, you can earn high interest rates on your savings while enjoying the convenience of having all your banking needs in one account.
Standard Chartered Bonus$aver Account Review Singapore: The Requirements
If you’re interested in opening a Bonus$aver Account with Standard Chartered Bank, there are a few requirements you should be aware of. Here are the details:
Minimum Initial Deposit
To open a Bonus$aver Account, you’ll need to make a minimum initial deposit of S$3,000. This deposit will help you meet the minimum balance requirement and start earning bonus interest on your account.
Minimum Balance and Fees
To earn bonus interest on your Bonus$aver Account, you’ll need to maintain a minimum balance of S$3,000. If your balance falls below this amount, you’ll be charged a fall-below fee of S$5 per month. However, if you’re a new customer, you can enjoy a waiver on the fall-below fee for the first 6 months.
It’s important to note that if you decide to close your account within the first 6 months of opening it, you’ll be charged an early account closure fee of S$30.
Overall, the Bonus$aver Account is a great option if you’re looking to earn bonus interest on your savings while still having access to your funds. With a minimum initial deposit of S$3,000 and a minimum balance requirement of S$3,000, it’s an accessible account for many Singaporeans.
Standard Chartered Bonus$aver Account Review Singapore: Earning Bonus Interest
To earn bonus interest on your Standard Chartered Bonus$aver Account, you have several options. These include salary crediting, bill payments, card spend, and investing and insuring.
Salary Crediting
By crediting your salary of at least SGD 3,000 per month to your Bonus$aver account, you can earn up to 0.1% p.a. bonus interest. This is in addition to the base interest rate of 0.01% p.a.
Bill Payments
You can earn up to 1.78% p.a. bonus interest by making eligible bill payments through your Bonus$aver account. Eligible bill payments include recurring payments for utilities, telecommunications, and cable TV bills.
Card Spend
You can earn up to 3.88% p.a. bonus interest by spending on eligible credit cards linked to your Bonus$aver account. Eligible credit cards include the Standard Chartered Unlimited Cashback Credit Card and the Standard Chartered Visa Infinite Credit Card.
Invest and Insure
By investing in eligible unit trusts or purchasing eligible insurance policies through Standard Chartered Bank, you can earn up to 7.88% p.a. bonus interest on your Bonus$aver account. The bonus interest rate varies depending on the amount invested or insured.
It’s important to note that the effective interest rate (EIR) for the Bonus$aver account is subject to change and may vary depending on the amount deposited and the type of transactions made. Be sure to check the latest rates and terms on the Standard Chartered Bank website.
In summary, the Standard Chartered Bonus$aver Account offers a range of options for earning bonus interest. By crediting your salary, making eligible bill payments, spending on eligible credit cards, and investing or insuring with Standard Chartered Bank, you can earn up to 7.88% p.a. bonus interest on your savings.
Standard Chartered Bonus$aver Account Review Singapore: Banking Features
Are you looking for a savings account that offers a range of banking features? Look no further than the Standard Chartered Bonus$aver Account. This account comes packed with features that make banking a breeze. Here are some of the key features you can expect:
Online Banking
With the Standard Chartered Bonus$aver Account, you get access to a comprehensive online banking platform. This platform allows you to manage your account from anywhere, at any time. You can view your account balance, transaction history, and other important details with just a few clicks. Additionally, you can make transfers, pay bills, and set up automatic payments all from the comfort of your own home.
Multi-Currency Feature
Are you a frequent traveller or do you have international business? The Multi-Currency Feature of the Standard Chartered Bonus$aver Account is perfect for you. This feature allows you to hold multiple currencies in a single account. You can convert between currencies at competitive rates, and avoid the hassle of opening multiple accounts.
Debit and Credit Card
You can also enjoy the convenience of a debit and credit card with the Standard Chartered Bonus$aver Account. The debit card allows you to withdraw cash from ATMs, make purchases online and in-store, and pay bills. The credit card offers a range of rewards and benefits, including cashback, discounts, and air miles.
In summary, the Standard Chartered Bonus$aver Account offers a range of banking features that make managing your finances easy and convenient. With online banking, the multi-currency feature, and debit and credit cards, you can enjoy a seamless banking experience.
Comparison With Other Savings Accounts
If you’re looking for a high-yield savings account in Singapore, you’ll find that there are several options available. Here’s how the Standard Chartered Bonus$aver Account compares to some of the other popular savings accounts in Singapore:
OCBC 360
The OCBC 360 account is another popular savings account in Singapore that offers a range of benefits. With the OCBC 360 account, you can earn up to 1.20% p.a. interest on your account balance. To qualify for the bonus interest rates, you’ll need to fulfil certain requirements, such as crediting your salary to the account and paying bills using GIRO.
While the interest rates offered by the OCBC 360 account are lower than the Standard Chartered Bonus$aver Account, it may be a good option if you’re looking for a more flexible savings account.
UOB One Account
The UOB One Account is another savings account that offers bonus interest rates. With the UOB One Account, you can earn up to 1.50% p.a. interest on your account balance. To qualify for the bonus interest rates, you’ll need to maintain a minimum account balance of $75,000 and make at least 5 transactions per month using your UOB One Card.
While the UOB One Account offers higher interest rates than the OCBC 360 account, it requires a higher minimum account balance and more transactions per month.
DBS Multiplier
The DBS Multiplier account is a savings account that offers up to 3.80% p.a. interest on your account balance. To qualify for the bonus interest rates, you’ll need to fulfil certain requirements, such as crediting your salary to the account and making transactions using your DBS/POSB cards.
While the interest rates offered by the DBS Multiplier account are higher than the Standard Chartered Bonus$aver Account, it requires more transactions and a higher minimum account balance to qualify for the bonus interest rates.
In conclusion, if you’re looking for a high-yield savings account in Singapore, the Standard Chartered Bonus$aver Account is a great option to consider. However, it’s important to compare the account with other savings accounts available to find the one that best suits your needs.
Standard Chartered Bonus$aver Account Review Singapore: Additional Benefits and Promotions
Cashback and Rewards
The Standard Chartered Bonus$aver account offers a range of cashback and rewards for its users. With the Bonus$aver account, you can earn up to 4.88% p.a. interest when you fulfill certain criteria. This account rewards you with bonus interest for each individual category, such as salary credit, credit card spend, and wealth.
Additionally, if you apply for a Bonus$aver account and a Bonus$aver World Mastercard credit card, you can get up to S$188 cashback when you deposit and maintain S$50,000 in fresh funds. This promotion is valid for new Bonus$aver clients only. So, if you’re looking for a high-interest savings account with great rewards, the Standard Chartered Bonus$aver account is definitely worth considering.
Current Promotions
Standard Chartered is known for its generous promotions, and the Bonus$aver account is no exception. From time to time, the bank offers special promotions to Bonus$aver account holders, such as cashback on credit card spend or bonus interest on your savings. These promotions can change frequently, so it’s worth keeping an eye on the Standard Chartered website or checking with your relationship manager to see what’s currently on offer.
One current promotion is the Bonus$aver Member-Get-Member Promotion, which rewards you with S$50 cashback for every successful referral. To qualify, you simply need to refer a friend or family member to open a Bonus$aver account with fresh funds of at least S$50,000. Your friend will also receive S$50 cashback, so it’s a win-win situation for both of you.
Overall, the Standard Chartered Bonus$aver account offers a range of benefits and promotions that make it an attractive choice for savers in Singapore. With its high-interest rates, cashback rewards, and current promotions, it’s definitely worth considering if you’re looking for a savings account that offers more than just a place to park your money.
Standard Chartered Bonus$aver Account Review Singapore: Account Management
Managing your Standard Chartered Bonus$aver account is easy and convenient. With a range of digital banking services, you can access your account anytime, anywhere.
Mobile and Internet Banking
Standard Chartered Bank offers online and mobile banking services that allow you to manage your Bonus$aver account from the comfort of your home or on-the-go. You can check your account balance, view transaction history, transfer funds, pay bills, and set up alerts for account activity. The mobile app is available for download on both Android and iOS devices.
Customer Service
Standard Chartered Bank provides excellent customer service to its clients. You can reach out to the bank’s customer service team via phone, email, or through the bank’s website. The bank’s website also has a comprehensive FAQ section that answers most common queries related to account management, fees, and interest rates.
In case you face any issues with your account or need assistance with any banking service, you can contact the bank’s customer service team, and they will be happy to assist you.
Overall, Standard Chartered Bank’s digital banking services and customer support make managing your Bonus$aver account a hassle-free experience.
Conclusion
Congratulations! You have reached the end of our review of the Standard Chartered Bonus$aver Account. We hope that this article has given you a good idea of what this savings account is all about.
The Standard Chartered Bonus$aver Account is a great option for those who are looking for a savings account that offers a high effective interest rate of up to 7.88%. This account rewards you for maintaining a high balance and fulfilling certain requirements, such as spending on your Standard Chartered credit card.
If you are someone who is looking to invest in a savings account that offers a high effective interest rate, then the Standard Chartered Bonus$aver Account is definitely worth considering. With its attractive interest rates and rewards, this account can help you achieve your financial goals faster.
Overall, we highly recommend the Standard Chartered Bonus$aver Account to anyone who is looking for a savings account that offers a high effective interest rate. This account is a great option for those who want to earn more on their savings without having to take on too much risk.
Frequently Asked Questions
How can I maximise my rewards with the Bonus$aver World Mastercard?
To maximise your rewards with the Bonus$aver World Mastercard, you can spend at least S$2,000 per calendar month on your card. This will help you earn up to 3% cashback on eligible spending. You can also enjoy a range of other benefits, including discounts on dining, shopping, and travel.
What are the exciting benefits of the Bonus Saver credit card?
The Bonus Saver credit card offers a range of exciting benefits, including cashback on eligible spending, discounts on dining, shopping, and travel, and access to exclusive events. You can also earn bonus interest on your savings when you use your card to pay bills, invest in a unit trust, or take out a regular premium insurance policy.
What’s the minimum balance to avoid the fall below fee for the Bonus Saver account?
The minimum balance to avoid the fall below fee for the Bonus Saver account is S$3,000. If your balance falls below this amount, you will be charged a fee of S$5 per month.
How many bill payments do I need to make to qualify for bonus interest?
You need to make three bill payments of at least S$50 each per calendar month to qualify for bonus interest on your savings. These bill payments can be made through GIRO or online banking.
Could you explain how the Bonus Saver account calculates bonus interest?
The Bonus Saver account calculates bonus interest based on the average daily balance in your account for the calendar month. The interest rate is tiered and depends on the number of eligible transactions you make each month. You can earn up to 7.88% p.a. interest on your savings.
What are the perks of referring a friend to the Bonus Saver programme?
When you refer a friend to the Bonus Saver programme, both you and your friend can earn a cash reward of up to S$100 each. To qualify, your friend must open a Bonus Saver account and meet the minimum deposit and transaction requirements.
