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Standard Chartered

Standard Chartered Bonus$aver Savings Account

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Best for Financially Savvy High Earners and Savers

Standard Chartered Bonus$aver Savings Account

Up to 2.38% p.a.

Interest Rates

S$0

Min. Initial Deposit

S$ 3,000

Min. Avg Daily Balance

Savings account

Type of Account

Standard Chartered Bonus$aver Savings Account offers a maximum interest of up to 2.38% p.a. on the first S$80,000 in your account balance. However, maximizing returns will require effort on your part. This means you’ll need to fulfill requirements, such as credit/debit card spend, bill payments, and purchasing financial products from Standard Chartered.

All details

  • Earn up to 2.38% p.a. interest on your savings for the first S$80,000 in your account balance
  • Standard Chartered Bonus$aver has a base interest rate of 0.01% p.a.
  • Earn bonus interest from any of the 5 categories: Card Spend, Salary Credit, Bill Payment, Insure or Invest
  • The SC Bonus$aver account comes with an optional chequebook facility.
  • Multi-currency feature to access 14 currencies with S$0 overseas transaction fees
  • Minimum balance requirement of S$3,000
  • No minimum initial deposit
  • Minimal fees with S$5 fall-below fee
  • Get 1% p.a. sign-up bonus interest for new deposit clients
  • Boost bonus interest with Bonus$aver Wealth Promotion ending 31 Jan 2022. Maximize your bonus interest with Bonus$aver and receive up to S$3,600 p.a. in Promotional Bonus Interest when you purchase Eligible Unit Trust(s) and Insurance Policy(ies) through Standard Chartered

 

Pros

  • No minimum initial deposit
  • High EIR of up to 2.38% p.a. which is ideal for high savers with at least S$80,000 in their account balance.
  • The Multi-currency feature gives you access to 14 different currencies without incurring overseas transaction fees
  • Waived credit and debit card annual fee for the first two years
  • Easily earn bonus interest from day-to-day transactions, such as salary crediting, card spend, and bill payment.

Cons

  • Low base interest rate of 0.01% p.a. which is lower compared to most major banks in Singapore that offer at least 0.05% p.a.
  • Account balance over S$80,000 will accrue interest at the prevailing base rate.
  • High average daily balance of at least S$3,000 to avoid incurring the fall-below fee of S$5.
  • Minimum monthly salary credit of S$3,000 to earn bonus interest
  • High credit or debit card spend requirement of S$2,000 to earn the maximum bonus interest of 0.4% p.a.

General Information

Age Requirement:

  • For clients applying for Bonus$aver account and Bonus$aver Debit Card: At least 18 years old
  • For clients applying for Bonus$aver account and Bonus$aver Credit Card: 21 to 65 years old
  •  
Fall-below fee (per month): S$5
Note: Chargeable if the minimum average daily balance falls below S$3,000 in any particular month.
 
Monthly service charge: Nil
Unarranged overdraft: Prime +5%, minimum S$5
Credit card annual fee (Including GST): $214 (Free for first 2 years)
Debit card annual fee (Including GST): $20
Cheque book charges: S$10 for each cheque book requested
Early Account Closure (within 6 months): $30

For existing Standard Chartered credit cardholders:

  • No documents required
  • If there is a recent change to your income, submit your updated documents for review during application.

For new customers Standard Chartered customers (Singaporean or Permanent Resident):

1. For Salaried Employees/Partial Commission-based Earners

  • Copy of NRIC (front and back)
  • Latest computerized payslip OR
  • Latest 6 months’ CPF Contribution Statement
  •  

2. For 100% Commission-based Earners

  • Copy of NRIC (front and back)
  • Latest Income Tax Notice of Assessment (NOA) OR
  • Latest 3 months of Commission Statement from the same employer
  •  

 3. For Self-employed

    • Copy of NRIC (front and back)
    • Latest Income Tax Notice of Assessment (NOA)

For Foreigners

  • Copy of Passport with at least 6 months validity
  • Copy of Employment Pass
  • Proof of residences such as latest utility bill, rental agreement with your address, or latest bank/credit card statement
  • Proof of income, such as the latest computerized payslip or latest Income Tax Notice of Assessment

Disclaimer: This information may differ from what you see when you visit other financial service websites or the product’s official site, but Loan Advisor continues to keep every detail updated and accurate. This site may be compensated through third-party advertisers. However, the results of our comparison tools which are not marked as sponsored will always be based on objective analysis.

How Does Standard Chartered Bonus$aver Compare with Other Savings Accounts in Singapore?

 

Bank Name

Interest Rate

Minimum Deposit

Minimum Balance

Standard Chartered Bonus$aver Savings Account

0.01% base interest rate p.a.

 

2.38% max. interest rate p.a.

S$0

S$3,000

DBS Multiplier Account

0.05% base interest rate p.a.

 

3% max. interest rate p.a.

S$0

S$3,000

CIMB FastSaver Savings Account

0.30% p.a.

S$1,000

S$0

OCBC 360 Account

0.05% base interest rate p.a.

 

2.38% max. interest rate p.a.

S$1,000

S$3,000

Maybank SaveUp Programme

0.1875% base interest rate p.a.

 

3.0625% max. interest rate p.a.

S$500

S$1,000

UOB One Account

0.05% base interest rate p.a.

 

2.50% max. interest rate p.a.

S$500

S$1000

 

From the table above, you can see that Standard Chartered Bonus$aver Savings Account has the lowest base interest rate at 0.01% p.a. On the other hand, it has a competitive maximum interest rate of 2.38%. 

For instance, you need to credit a minimum of S$3,000 to earn the bonus interest of 0.10%. Compared to other banks, such as OCBC 360 where the minimum salary credit is only S$1,800 to earn a bonus interest rate of 1.2% p.a. – higher than that of SCB Bonus Saver Saving Account. That said, take these into account when choosing a savings account.

Standard Chartered Bonus$aver Savings Account – Our Verdict

Considering the terms and conditions to earn the bonus interest rates, the Standard Chartered Bonus$aver Savings Account is best for financially savvy high-earners and spenders. You’ll need to be a big spender or have a family to provide for to unlock the maximum bonus interest rates. 

By simply crediting your salary and paying your bills, you’ll earn bonus rates of 0.17% on top of the prevailing interest rate. However, fulfilling the other categories – invest, insure, and spend, is a different story. These will require effort to qualify.

Final Thoughts

Key Takeaways:

  • Standard Chartered Bonus$aver Savings Account offers a maximum interest of up to 2.38% p.a. on the first eligible deposit balance of S$80,000.
  • You can earn bonus interest rates by fulfilling any or all of the five categories – Salary Credit, Card Spend, Bills Payment, Invest or Insure.
  • To maximize returns, you’ll need to credit your salary of S$3,000, spend at least S$2,000, and purchase investment or insurance products from SC Bank.

The opportunity to earn a maximum interest rate of 2.38% p.a. makes the Standard Chartered Bonus$aver Account worth considering. That said, this savings account is best for high earners who can credit a salary of at least S$3,000 or have high monthly card spending.

If you need financial assistance, you can consider taking out a personal loan. Loan Advisor will help you find the best loan tenure, interest rates, and terms and conditions. Request up to three loan quotes for free to find the best loan deals.

FAQs

Standard Chartered Bonus$aver Account is unique since it offers interest rates that are higher than any time deposit account. With this account, you can earn up to 2.38% p.a. interest for your first S$80,000 deposit.

The prevailing interest for Bonus$aver Account is 0.01% p.a. You can earn bonus interest on the first S$80,000 on your account balance when you fulfill any or all of these categories:

Salary Credit: Earn 0.10% p.a. when you credit your salary of at least S$3,000 through your employer or via GIRO

Debit or Credit Card Spend:

Monthly Spend

Bonus Interest Rate (p.a.)

S$500 to S$1,999

0.20%

S$2,000 and above

0.40%

Bills Payment: Earn 0.07% for paying any 3 unique bills online or through GIRO

Invest or Insure: Earn 0.90% p.a. for 12 months when you purchase:

 

Minimum subscription sum

Eligible unit trust

S$30,000

Eligible insurance policy

S$12,000

You must be at least 21 years old or above to be eligible. For joint accounts, both parties must be 21 years old.

How much you keep in your savings account will depend on you. However, like most savings accounts from major banks, Standard Chartered Bonus$aver has a minimum monthly balance of S$3,000. If you fall below this amount, you’ll incur a fee of S$5.

Note: The Deposit Insurance Scheme provides basic protection to small depositors. Singapore dollar deposits of non-bank depositors are covered by the Singapore Deposit Insurance Corporation up to S$75,000.

Yes, you can easily withdraw your cash via ATM. You can also get access to cash at over 1,500 merchants, including 7-Eleven, and with the Standard Chartered mobile or online banking app.

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