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Standard Chartered Bonus$aver Account: Highest Interest for Affluent Savers

Highest Effective Interest Rate for Affluent Savers

Standard Chartered Bonus$aver Account: Highest Interest for Affluent Savers

Highest Effective Interest Rate for Affluent Savers

4.3/5.0

ValueChampion Rating ValueChampion Icon

Pros

  • Financially savvy individuals comfortable with a more complex account
  • Consumers willing to invest with or buy insurance from SC
  • Affluent individuals who can maintain a large balance

Cons

  • People looking for an easy-to-use or starter account
  • Individuals who spend less than S$2k/month
  • Lower earners with lower balances

While technically considered a current account, Standard Chartered Bonus$aver Account actually functions quite like a savings account–in fact, affluent consumers can earn at the highest potential effective interest rate on the market, at 3.88% p.a. Account holders earn bonuses beyond the 0.05% p.a. base rate for additional banking and product engagement, including spending with a dedicated Bonus$aver credit or debit card (up to +1.50% p.a.), crediting a S$3k+ salary (+1.00% p.a.), investing with or buying insurance from Standard Chartered (+1.28% p.a.) and making 3 GIRO bill payments monthly (+0.10% p.a). These bonuses are applied independently, so it's possible to boost your interest even if you earn a lower salary or don't want to buy insurance. Nonetheless, those who do qualify across the board and who can maintain a S$100k balance are most likely to benefit.

ProsCons
  • High EIR of up to 3.88% p.a.
  • Passive boosts (GIRO & salary crediting)
  • No minimum initial deposit req.
  • Bonus$aver cards do not earn rewards
  • Must earn S$3k+/mo for salary bonus
  • High S$3k minimum balance req.
Promotion: Receive up to S$238 cashback when you apply for a new account and a Bonus$aver World MasterCard credit card and make a min. deposit of S$50,000 in fresh funds (until July 31, 2021)
Pros & Cons
Pros:
  • High EIR of up to 3.88% p.a.
  • Passive boosts (GIRO & salary crediting)
  • No minimum initial deposit req.
  • Promotion: Receive up to S$238 cashback when you apply for a new account and a Bonus$aver World MasterCard credit card and make a min. deposit of S$50,000 in fresh funds (until July 31, 2021)
Cons:
  • Bonus$aver cards do not earn rewards
  • Must earn S$3k+/mo for salary bonus
  • High S$3k minimum balance req.

What Makes Standard Chartered Bonus$aver Account Stand Out

Standard Chartered Bonus$aver Account is the absolute best option on the market for financially-savvy high-earners looking to max out interest on their savings. Account holders can earn up to 3.88% p.a. on their entire balance (up to S$100k) simply by meeting 4 bonus criteria: spending S$2k/month on a Bonus$aver credit or debit card (+1.50% p.a.), crediting a salary of S$3k+/month (+1.00% p.a.), investing with or buying an insurance policy from SC (+1.28% p.a.) and paying at least 3 bills online monthly via GIRO (+0.10% p.a.). Each of these boosts can be unlocked individually–there are no connections or contingencies, as with some other accounts–and bonuses apply to the entire balance, rather than to incremental bands.

SC Bonus$aver Account Interest Rates

Rate TypeDetails & RequirementsInterest Rate
Base RateNo Requirements; applied to entire balance0.05% p.a.
Credit/Debit Spend Bonus
  • Spend monthly on a Bonus$aver card
  • (Bonus added to base rate)
+0.50% p.a. w/ S$500-S$1.99k spend
+1.50% p.a. w/ S$2k+ spend
Salary Credit Bonus
  • Credit S$3k+/month salary
  • (Bonus added to base rate)
+1.00% p.a. on 1st S$100k
Product Bonus
  • Invest with or buy insurance from SC
  • (Bonus added to base rate)
+1.28% p.a. on 1st S$100k
GIRO Bill-Pay Bonus
  • Make 3+ online bill payments via GIRO
  • (Bonus added to base rate)
+0.10% p.a. on first S$100k
Max Effective Interest Rate:3.88% p.a. (at S$100k balance)
Promotional rates, if any, are not included
SC Bonus$aver Account Interest Rates
Base Rate: No requirements (applied to entire balance)
  • 0.05% p.a.
Spend Bonus: Spend monthly on a Bonus$aver credit or debit card (bonus added to base rate)
  • +0.50% p.a. w/ S$500-S$1.9k spend
  • +1.50% p.a. w/ S$2k+ spend
Salary Credit Bonus: Credit S$3k+ salary to account (bonus added to base rate)
  • +1.00% p.a. on first S$100k
Product Bonus: Invest with or buy insurance with SC (bonus added to base rate)
  • +1.28% p.a. on first S$100k
GIRO Bill-Pay Bonus: Pay 3+ bills online via GIRO (bonus added to base rate)
  • +0.10% p.a. on first S$100k
Max Effective Interest Rate:
  • 3.88% p.a. (at S$100k balance)
Promotional rates, if any, are not included

Another benefit of SC Bonus$aver Account is that for the most part, its bonuses are passive. Unlike other accounts that may require monthly tracking with rewards based on transaction amounts, SC Bonus$aver provides a "set it and forget it" structure that makes long-term saving even easier. For example, it's possible for account holders to set up automatic salary crediting and GIRO bill pay, requiring little to no effort thereafter. Additionally, consumers seeking a product bonus receive the +1.28% p.a. boost for a full 12 months after making their upfront insurance policy or unit trust purchase. In fact, the only boost requiring active effort is the card bonus, which isn't especially cumbersome for those who already tend to spend with debit or credit cards.

Unfortunately, SC Bonus$aver Account does have a few drawbacks. Cardholders must spend S$2k+/month on a Bonus$aver credit or debit card to unlock the +1.50% p.a. bonus (0.50% p.a. for S$500-S$1,999/month spend). These cards do not earn points, cashback or miles rewards however–so spending money to reach the card bonus minimum has a significant opportunity cost (as this same spend could be earning S$80-S$100+ with a traditional credit card). As it turns out, this opportunity cost is only eclipsed by interest earning potential for consumers spending S$2k/month and maintaining a S$100k balance. This may be because S$100k is the balance at which the maximum EIR of 3.88% p.a. can ultimately be achieved.

Interest Earned from Card Bonus vs. Potential Credit Card Rewards at S$2k/mo Spend

Balance SizeInterest from Card Bonus AloneCashback Rewards PotentialDifference
S$25,000S$30.79S$100.00-(S$69.21)
S$50,000S$61.58S$100.00-(S$38.42)
S$75,000S$92.37S$100.00-(S$7.63)
S$100,000S$123.15S$100.00S$23.15
Calculations based on S$2k qualifying card spend. UOB One Card used as benchmark for cashback potential; cardholders earn 5% flat cashback with S$2k consistent monthly spend, up to S$300/quarter (equal to S$100/month)

As a result, SC Bonus$aver Account is best fit for the affluent. The $3k+/month minimum requirement to earn the salary bonus is above the market average, and only those spending S$2k+/month and who can maintain a S$100k balance will benefit from the card spend bonus. In terms of products, account holders must either purchase an insurance policy with a minimum annual premium of S$12k or subscribe for an eligible unit trust with a minimum single subscription sum of S$30k–both of which may be a reach for the average consumer. Overall, consumers who find these qualifications a bit unreasonable may want to consider competitive alternatives with lower barriers to access bonuses (like OCBC 360 or Maybank SaveUp).

On a final note, SC Bonus$aver Account does not have a minimum initial deposit requirement (quite rare), but there is a minimum average balance of S$3k and a monthly fall-below fee of S$5 (both quite high). These requirements are unlikely to bother the affluent consumers most likely to benefit from this account, however. Ultimately, wealthier individuals can earn at a higher interest rate than with any alternative with SC Bonus$aver Account.

SC Bonus$aver Account Details & Requirements

Details & Requirements
Minimum Age Requirement18
Minimum Initial DepositS$0
Minimum Balance RequirementS$3,000
Fall-Below Fee
  • S$5

How Does SC Bonus$aver Account Compare to Other Accounts?

Read our comparisons of SC Bonus$aver Account with other savings accounts and learn what makes each account unique in its own way. We compare and contrast each account to help you to identify which best suits your needs.

Standard Chartered Bonus$aver Account has one of the highest maximum effective interest rates on the market

SC Bonus$aver Account v. OCBC 360 Savings Account

Consider this if you're a consistent saver with a stable budget
  • Min. Age Requirement
    • 18
    • Min. Initial Deposit
      • S$1,000
      • Min. Balance Requirement
        • S$3,000

        OCBC 360 Savings Account is one of the best savings accounts available for average consumers due to its high interest rates and easy-to-access bonuses. As with SC Bonus$aver, account holders earn boosts for crediting their salary, spending with an OCBC credit card, and purchasing insurance or investing with OCBC. However, OCBC 360 account holders only need to earn S$2k/month for the salary bonus (compared to S$3k+), and earn a boost for spending on a rewards-earning OCBC credit card (therein avoiding a cashback opportunity cost). OCBC 360 Account also rewards incremental saving, which SC Bonus$aver does not. Overall, with a max EIR of 3.35% p.a. achievable at S$70k balance, OCBC 360 Account is a better option for average consumers who don't mind managing a more complex account.

        Rate TypeDetails & RequirementsInterest Rate
        Base RateNo Requirements; applied to entire balance0.05% p.a.
        Grow Bonus
        • Maintain balance of at least S$200k
        • (Bonus interest added to base rate)
        +0.80% p.a. on first S$70k
        Step-Up Bonus
        • Deposit at least S$500/month
        • (Bonus interest added to base rate & applied
        • to specific band of balance)
        +0.20% p.a. on first S$35k
        +0.40% p.a. on next S$35k
        Spend Bonus
        • Spend S$500/month on OCBC credit card
        • (Bonus interest added to base & applied to
        • specific band of balance)
        +0.20% p.a. on first S$35k
        +0.40% p.a. on next S$35k
        Salary Bonus
        • Credit S$2k+ salary to account via GIRO
        • (Bonus rates added to base rate & applied
        • to specific band of balance)
        +1.20% p.a. on first S$35k
        +2.40% p.a. on next S$35k
        "Wealth" Bonus
        • Insure or invest with OCBC Bank
        • (Bonus rates added to base rate & applied
        • to specific band of balance)
        +0.60% p.a. on first S$35k
        +1.20% p.a. on next S$35k
        Max Effective Interest Rate:3.35% p.a. (at S$70k balance)
        Max EIR is highest at a S$70k balance even with the Grow Bonus left inactive. Promotional rates, if any, are not included
        OCBC 360 Account Interest Rates
        Base Rate: No requirements (applied to entire balance)
        • 0.05% p.a.
        Grow Bonus: Maintain balance of at least S$200k (bonus interest added to base rate)
        • +0.80% p.a. on first S$70k
        Step-Up Bonus: Deposit at least S$500/month (bonus interest added to base rate & applied to specific band of balance)
        • +0.20% p.a. on first S$35k
        • +0.40% p.a. on next S$35k
        Spend Bonus: Spend S$500/month on OCBC credit card (bonus interest added to base & applied to specific band of balance)
        • +0.20% p.a. on first S$35k
        • +0.40% p.a. on next S$35k
        Salary Bonus: Credit S$2k+ salary to account via GIRO (bonus rates added to base rate & applied to specific band of balance)
        • +1.20% p.a. on first S$35k
        • +2.40% p.a. on next S$35k
        "Wealth" Bonus: Insure or invest with OCBC Bank (bonus rates added to base rate & applied to specific band of balance)
        • +0.60% p.a. on first S$35k
        • +1.20% p.a. on next S$35k
        Max Effective Interest Rate:
        • 3.35% p.a. (at S$70k balance)
        Max EIR is highest at a S$70k balance even with the Grow Bonus left inactive

        SC Bonus$aver Account v. DBS Multiplier Account

        Consider this if you're a high-earning DBS loyalist with financial savvy
        • Min. Age Requirement
          • 18
          • Min. Initial Deposit
            • S$0
            • Min. Balance Requirement
              • S$3,000

              DBS Multiplier Account is a great option for financially-savvy consumers with high incomes and large budgets. Account holders who credit their salary can earn bonus interest based on their level of engagement with DBS products (like credit cards, insurance, home loans and investments). Those with higher monthly transaction volumes with these products earn at higher interest rates. In fact, those who engage with 3+ products and maintain a monthly transaction volume of S$30k+ can earn up to 3.65% p.a. effective interest, which is one of the highest rates on the market. This level of engagement may not be feasible for everyday consumers, however; affluent individuals who want to earn at an even higher rate without committing to so much tracking may prefer SC Bonus$aver Account.

              DBS Multiplier Interest Rate Grid
              Transactions/Mo
              • 1 Category
              • (first S$25k)
              • 2-3+ Categories
              • (first S$50k)
              • 3+ Categories
              • (S$50k-S$100k)
              < S$2k0.05%0.05%0.05%
              S$2k – below 2.5k1.40%1.80%2.00%
              S$2.5k – below S$5k1.60%2.00%2.20%
              S$5k – below S$15k1.80%2.20%2.40%
              S$15k – below S$30k1.90%2.30%2.50%
              S$30k+2.00%3.50%3.80%
              • Interest Rates rewarded by specific bands of balance: Up to S$25k or S$50k & from S$50k–S$100k
              • Categories include Credit Card spend, Home Loan Instalments, Insurance and Investments
              • Salary and/or dividends must be credited to account to qualify for bonus interest
              Max Effective Interest Rate:3.65% p.a. (at S$100k balance)
              Promotional rates, if any, are not included
              DBS Multiplier Interest Rate Grid
              Transactions/Mo
              • 1 Category
              • (first S$25k)
              • 2-3+ Categories
              • (first S$50k)
              • 3+ Categories
              • (S$50k-S$100k)
              < S$2k0.05%0.05%0.05%
              S$2k – below 2.5k1.40%1.80%2.00%
              S$2.5k – below S$5k1.60%2.00%2.20%
              S$5k – below S$15k1.80%2.20%2.40%
              S$15k – below S$30k1.90%2.30%2.50%
              S$30k+2.00%3.50%3.80%
              • Interest Rates rewarded by specific bands of balance: Up to S$25k or S$50k & from S$50k–S$100k
              • Categories include Credit Card spend, Home Loan Instalments, Insurance and Investments
              • Salary and/or dividends must be credited to account to qualify for bonus interest
              Max Effective Interest Rate:3.65% p.a. (at S$100k balance)
              Promotional rates, if any, are not included

              SC Bonus$aver Account v. Maybank SaveUp Savings Account

              Consider this if you're a moderate saver in charge of the household
              • Min. Age Requirement
                • 16
                • Min. Initial Deposit
                  • S$500 for Singaporeans & PR, S$1,000 for foreigners
                  • Min. Balance Requirement
                    • S$1,000

                    If you're a moderate saver in charge of your household, you may want to consider Maybank SaveUp Savings Account. Account holders earn rate boosts for everyday activities like spending with a Maybank credit card, crediting their salary, and paying monthly loan instalments. Every product a consumer engages with unlocks another rate boost, with up to +2.75% p.a. rewarded for those who engage with at least 3 products. At just S$50k balance–quite attainable–account holders can earn the maximum EIR of 3.00% p.a. This structure makes Maybank SaveUp Savings Account a great option for the average adult who may have several ongoing financial responsibilities.

                    Rate TypeDetails & RequirementsInterest Rate
                    Base Rate
                    • No requirements
                    • (Rate varies according to band of balance)
                    0.1875% p.a. on 1st S$3k
                    0.25% p.a. on next S$47k
                    0.3125% p.a. beyond S$50k
                    Product Bonus
                    • Use at least 1 Maybank service or product,
                    • ie loan, insurance, investment, credit card etc.
                    • (Bonus interest based on number of products
                    • & applied to entire balance, up to 1st S$50k)
                    +0.30% p.a. for 1 product
                    +0.8% p.a. for 2 products
                    +2.75% p.a. for 3+ products
                    Max Effective Interest Rate:3.00% p.a. (at S$50k balance)
                    Promotional rates, if any, are not included
                    Maybank SaveUp Savings Account Interest Rates
                    Base Rate: No requirements (rate varies according to band of balance)
                    • 0.1875% p.a. on 1st S$3k
                    • 0.25% p.a. on next S$47k
                    • 0.3125% p.a. beyond S$50k
                    Product Bonus: Use at least 1 Maybank service or product, ie loan, insurance, investment, credit card etc. (bonus interest based on number of products & applied to entire balance, up to 1st S$50k)
                    • +0.30% p.a. for 1 product
                    • +0.8% p.a. for 2 products
                    • +2.75% p.a. for 3+ products
                    Carrie Arndt

                    Carrie is a Senior Analyst at ValueChampion, helping consumers find the best credit cards and other financial products based on quantitative and qualitative analysis. She previously led consumer studies worldwide as a Senior Research Executive at MMR Research, and led development & operations and BellaVetro. She attended Duke University and Penn State University, graduating with a degree in Political Science and Government. Her work has been featured on a variety of major media such as Yahoo Finance, Asia One, Buro, Zuu Online and more.