Best for Financially Savvy High Earners and Savers
Standard Chartered Bonus$aver Savings Account
Interest Rates
Min. Initial Deposit
Min. Avg Daily Balance
Type of Account
Standard Chartered Bonus$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
Key Features
- 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$5 fall-below fee
Promotion
- Get 1% p.a. sign-up bonus interest for new deposit clients
- Boost bonus interest with Bonus$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 & Cons
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$2,000 to earn the maximum bonus interest of 0.4% p.a.
General Information
Eligibility
Age Requirement:
- For clients applying for Bonus$aver account and Bonus$aver Debit Card: At least 18 years old
- For clients applying for Bonus$aver account and Bonus$aver Credit Card: 21 to 65 years old
Fees and Charges
Documents Requirements
For existing Standard Chartered credit cardholders:
- No documents required
- If there is a recent change to your income, submit your updated documents for review during application.
For new customers Standard Chartered customers (Singaporean or Permanent Resident):
1. For Salaried Employees/Partial Commission-based Earners
- Copy of NRIC (front and back)
- Latest computerized payslip OR
- Latest 6 months’ CPF Contribution Statement
2. For 100% Commission-based Earners
- Copy of NRIC (front and back)
- Latest Income Tax Notice of Assessment (NOA) OR
- Latest 3 months of Commission Statement from the same employer
3. For Self-employed
- Copy of NRIC (front and back)
- Latest Income Tax Notice of Assessment (NOA)
For Foreigners
- Copy of Passport with at least 6 months validity
- Copy of Employment Pass
- Proof of residences such as latest utility bill, rental agreement with your address, or latest bank/credit card statement
- Proof of income, such as the latest computerized payslip or latest Income Tax Notice of Assessment
Disclaimer: This information may differ from what you see when you visit other financial service websites or the product’s official site, but Loan Advisor continues to keep every detail updated and accurate. This site may be compensated through third-party advertisers. However, the results of our comparison tools which are not marked as sponsored will always be based on objective analysis.
How Does Standard Chartered Bonus$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$aver Savings Account is best for financially savvy high-earners and spenders. You’ll need to be a big spender or have a family to provide for to unlock the maximum bonus interest rates.
By simply crediting your salary and paying your bills, you’ll earn bonus rates of 0.17% on top of the prevailing interest rate. However, fulfilling the other categories – invest, insure, and spend, is a different story. These will require effort to qualify.
Also check out the comparison between the UOB One and the DBS Multiplier savings account.
Final Thoughts
Key Takeaways:
- Standard Chartered Bonus$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$3,000 or have high monthly card spending.
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FAQs
What Benefits Will I Enjoy With Bonus$aver?
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$80,000 deposit.
How Will The Interest Be Calculated?
The prevailing interest for Bonus$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$12,000 |
Am I Eligible for a Bonus$aver Account?
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 Money Should I Keep In My Savings Account?
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$75,000.
Can I Withdraw Money From My Bonus$avers Account?
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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