Standard Chartered Bonus$aver Account Review – Singapore (2025)

The Bonus$aver Account by Standard Chartered Bank offers an interest rate of up to 6.05% p.a. from your first dollar. Read on to find out how easy (or difficult) it is to earn this interest rate. 

Of all the savings accounts out there, the Standard Chartered Bonus$aver Account has one of the highest interest rates in the market — offering a maximum total interest of up to 6.05% p.a. on your first S$100,000. However, qualifying for this interest rate will require some effort on your part.

The Standard Chartered Bonus$aver Account is generally designed for working adults in Singapore who are looking to earn higher interest rates on their savings by consolidating their everyday banking activities with the bank. It is most suited to those with a steady income of at least S$3,000 monthly, active spenders who regularly spend a minimum of S$1,000 on their linked Bonus$aver Credit or Debit Card and clients who are open to investing and/or insuring with Standard Chartered.

Although there are no fees associated with opening the account, customers should take note of the fall-below fee of S$5 for accounts with a minimum daily average balance below S$3,000.

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UOB One Account

Looking for a HYSA with minimal hoops to jump through? The UOB One Account may be what you are looking for. The S$500 minimum monthly spend shouldn't be too difficult to hit for most working adults, coupled with a minimum salary credit of S$1,600 or the making of three GIRO payments per month. The account also comes with a UOB One debit card that allows cardholders to earn cashback on eligible purchases. 

If you are a conservative spender who cannot be sure of meeting consistent financial milestones, the UOB One Account may be one to consider.

>> MORE: Read the UOB One Account review 

OCBC 360 Account

Are you a diligent saver who would like to be rewarded for your financial prudence and discipline? If so, the OCBC 360 Account may just be for you. The minimum amount for salary crediting is just S$1,800, a sum that most Singaporeans can easily achieve. If you are in the habit of saving at least S$500 per month, that’s another criteria you won’t have trouble meeting. The minimum monthly spend of S$500 can also be easily met by most Singaporeans, simply by spending on necessities.

Even if you do not purchase any investment and/or insurance products with OCBC, these three actions will earn you a total interest rate of 3.25% p.a., making it an enticing choice to consider for diligent and disciplined savers.  

>> MORE: Read the OCBC 360 Account review

While the Bonus$aver requires you to jump through hoops to earn your bonus interest, there are merits to applying for this account that gives up to 7.68% p.a. in interest.

#1: Get rewarded for each individual category

The Bonus$aver Account rewards you with bonus interest rates for each category requirement you fulfil. These categories are not bundled together, which means you can still earn bonus interest just by fulfilling one category. For example, even if the only transaction you carried out for the month was to credit your salary of at least S$3,000, you would still earn an easy bonus 1% p.a. 

#2: Access 14 different currencies 

Enable the multi-currency feature to access 14 different currencies from your personal Bonus$aver Account. With this feature, you can convert your Singapore dollars at competitive FX rates to pay for your foreign currency spending without incurring overseas transaction fees. The ability to pay in multiple currencies could appeal to online shoppers, expatriates, overseas students and investors who invest in foreign currencies.

#3: Higher bonus interest for spending more 

Most savings accounts require you to make a minimum spend each month on your card before you can earn bonus interest and the Bonus$aver isn’t an exception. However, if you frequently spend more than S$1,000 on your card, you get rewarded with higher interest of 1.05% p.a compared to the 0.05% p.a. base interest rate.

#4: Choose between a debit or credit card

When you open a Bonus$aver Account, you will have to apply for a Bonus$aver debit or credit card as well. You will need this card in order to meet the account’s spending requirements. Unlike many high-yield savings accounts that come with credit cards, customers that still prefer debit cards do have this option with the Bonus$saver.

Limitations

While earning up to 6.05% p.a. interest can sound highly enticing, keep in mind that you will have to fulfill all four eligibility requirements to qualify for this maximum interest rate. If you are able to meet one or more of these criteria, you can still earn enhanced interest above the base rate, but will not qualify for the maximum amount. 

The SCB Bonus$aver Account may not be the best choice for conservative spenders

If you are consistently spending more than $1,000 monthly, the bonus interest rate offered by the SCB Bonus$aver Account is a great perk for you. However, if you are a more conservative spender or have fewer expenses, you may find yourself making purchases you don’t need simply to hit the minimum spend amount, which is counterproductive. If that’s the case, you may want to consider other savings accounts that do not require such a high monthly minimum spend to qualify for bonus interest.

The SCB Bonus$aver Account is a good choice for young professionals who may not be ready for their first credit card but still wish to be rewarded for their monthly spending and other transactions. As you can opt for a debit card instead, you don’t have to worry about meeting a minimum annual income. If you are looking to get started on insurance and/or investment products, the SCB Bonus$aver Account rewards you for that as well.

Decided that the SCB Bonus$aver Account is right for you? Whether you are going for a credit or debit card, the first step is to check whether you are eligible. Keep in mind that while the minimum age requirement for opening an account may be 18, credit card applicants need to be at least 21.

Applicants with a SingPass account can choose to apply through MyInfo, bypassing the document submission process. If you don’t have SingPass or prefer to make your application manually, these are the documents you will need to submit on top of your ID:

• Salaried employees and partial commission earners: Latest payslip or CPF contributions for the past six months

• Full commission earners: Latest IRAS Notice of Assessment (NOA) or commission statements for the past three months

• Self-employed individuals: Latest IRAS Notice of Assessment (NOA)

Once approved, your account will be opened instantly.