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Standard Chartered Bonus$aver Review 2019

Pros:

  • No monthly fees
  • No minimum initial deposit
  • Interest rate of up to 3.88% per annum

Cons:

  • Moderate coverage of ATM network islandwide (200 ATMs)
  • Average daily balance eligible for bonus interest capped at $100,000
  • Minimum S$30k investment in Eligible Unit Trust or annual insurance premiums of S$12,000 to earn additional 0.75% p.a. Bonus interest
Summary of Product
Base Interest Rate: 0.1% per annum
Max Interest Rate 3.88% per annum
Fall below fees $5 per momnth
Good for: Consolidating spending, salary credit, bill payments and wealth needs in a single account.
Minimum Initial Deposit NIL

Table of Content

Why should you choose Standard Chartered Bonus$aver?

Standard Chartered Bank Bonus$aver comprises a Bonus$aver savings account and Bonus$aver World MasterCard (credit and/or debit card) which is linked to the account. Earn up to 3.88% per annum on the first $100,000 in your Bonus$aver account when you credit your salary through GIRO, pay bills online through GIRO, spend on your Bonus$aver credit or debit card, and invest with a Unit Trust or insure with a regular premium insurance policy. Compared with a plain vanilla savings account, Bonus$aver is a unique account offering an interest rate higher than any time deposit account if you consolidate your spending, salary credit, bill payments and wealth needs in this single account.
Requirement Bonus Interest (p.a.)
Spend on your credit card Up to 1.78%
Credit your salary (Min S$3,000/month) 1%
Invest through us in an Eligible Unit Trust (min S$30,000) 0.75%
Make 3 eligible bill payments of at least S$50 each 0.25%
Prevailing interest rate 0.1%
3.88%
Key Benefit #1: Low minimum credit card spend for 0.88% p.a. interest
Earn a prevailing interest rate of 0.1% per annum on your entire account balance and bonus interest of 0.78% on the first $100,000 if you meet all the required transactions with a minimum card spend of $500 per month. That bonus interest rate goes up to 1.78% with a minimum card spend of $2,000 per month. Meeting the $500 minimum spend per month on your card should not be too hard for the average Singaporean, if you can consolidate your spend on one card. Learn more about our tips on how to best manage your credit cards. Based on first $100,000 in account
Requirement Prevailing Interest Rate
$500 0.88%
$2,000 1.88%
Key Benefit #2: Credit your salary for a bonus 1% p.a. interest
Credit minimum of $3,000 monthly salary into your Bonus$aver account and earn an additional bonus interest of 1% per annum on the deposit balance in your Bonus$aver account. Note that salary has to be credited through direct payment via GIRO directly into your Bonus$aver account in order to qualify.
Key Benefit #3: Invest or insure for an additional 0.75% p.a. interest
Invest through Standard Chartered Bank in an Eligible Unit Trust with a minimum subscription sum of $30,000 or purchase an Eligible Insurance Policy with a minimal annual premium of $12,000 to earn an additional bonus Interest of 0.75% per annum on the deposit balance in your Bonus$aver account.

What Charges or Fees should you look out for?

Minimum Initial Deposit NIL
Minimum Balance Fee $5
Early Account Closure Fee $30
Bonus$aver Credit Card Annual Fee $214 including GST (Waived for first 2 years)
Debit Card Annual Fee $20 including GST

Who can apply?

Once you have decided to take up for this loan, click on the “Apply Now” button and complete the application form on SingSaver site via MyInfo. Here is what you will need during the application process:
  • Front and back of NRIC/Passport/Employment Pass
  • For salaried employees,
    • Past 12 months' CPF statement (if Singaporean/PR); OR
    • Latest Income Tax Notice of Assessment and latest original computerised payslip
  • For self-employed,
    • Latest Income Tax Notice of Assessment.

Charges or fees you should be aware of

Annual Fees $171.20 (First year waived)
Late Payment Charge $90
Interest on Purchases 25.9% per annum subjected to compounding if full payment is not made by payment due date
Interest on Cash Advance 25.9% per annum compounded daily on the amount withdrawn from the transaction date until the date that full payment is made

How to apply?

Decide to pick up this card? Click on the “Apply Now” button and complete the application form on SingSaver site. Here is what you will need during the application process:
  • Front and back of NRIC/Passport/Employment Pass
  • For salaried employees,
    • Past 12 months' CPF statement (if Singaporean/PR); OR
    • Latest Income Tax Notice of Assessment and latest original computerised payslip
  • For self-employed,
    • Latest Income Tax Notice of Assessment.