Standard Chartered Bonus$aver Account Review, What is Standard Chartered bonus saver?, What is the fall below fee for SCB bonus saver account?, Is bonus saver a savings account?, tandard chartered bonus saver credit card, standard chartered bonus saver account, standard chartered bonus saver fall below fee, standard chartered bonus saver review, standard chartered bonus saver minimum balance, standard chartered bonus saver interest rate, bonus saver credit card benefits,

Stanchart Bonus Saver Account Review Singapore 2024

Navigating the myriad of savings account options available in Singapore can be quite a task, but one that catches the eye for its unique features is the Standard Chartered Bonus$aver account. My aim is to provide an insightful review of this financial product, helping potential customers understand its various benefits and considerations. The Bonus$aver account is marketed as a high yield instrument, blending the flexibility of a savings account with the higher interest rates typically associated with fixed deposits, conditional on meeting certain criteria.

This account stands out for its tiered interest rate structure that incentivises account holders with bonus interest for undertaking specific banking activities. These activities range from spending on the designated Standard Chartered credit card to investing and bill payments. The concept is designed to reward customers for their banking activity and increase their potential savings through higher interest rates, compared to conventional savings accounts.

While the prospect of earning bonus interest is attractive, it is crucial to examine the conditions attached to such returns. Every criterion met contributes to the overall interest rate, which necessitates a thorough understanding of the account’s operational intricacies. My examination will look into these details to assess how achievable these bonus interests are in practice and whether the Bonus$aver account would align efficiently with one’s financial habits and goals.

Here are some of our top picks on:

Overview of Stanchart Bonus Saver Account

The Stanchart Bonus Saver Account, issued by Standard Chartered Bank in Singapore, is designed to maximise earnings through a tiered interest rate structure. I find this account particularly noteworthy for individuals seeking to earn higher interest through their saving practices and daily transactions. It caters efficiently to a spectrum of banking activities including salary crediting, bill payments, and investment.

Interest Rates and Benefits: By engaging in qualifying activities, account holders can earn escalating interest rates. The rates compound as one increases their transaction volumes in specific categories, like:

  • Salary crediting
  • Bill payments
  • Credit card spending
  • Investments and insurance purchases

Monthly Transactions and Requirements: The account demands certain monthly transactions to bolster the interest rates. Regular transactions such as credit card expenditures and bill payments must be sustained month on month.

Fees and Minimums: An initial deposit and a monthly account fee apply, as typical of many savings accounts. A key point to remember is the minimum balance requirement to avoid extra charges.

  • Initial deposit: S$0 for Singaporeans/PRs, S$1,000 for foreigners
  • Monthly account fee: Nil
  • Minimum balance: S$3,000

I recommend carefully reviewing the detailed terms and conditions for all qualifying activities and the related fee structure to optimise the benefits of the Bonus Saver Account.

Lastly, this account offers digital banking tools through Standard Chartered’s online banking platform and mobile application. This convenience allows one to manage funds and track qualifying transactions seamlessly, providing real-time oversight of potential interest earnings.

Eligibility Criteria

In selecting the Standard Chartered Bonus Saver account, I must meet specific eligibility criteria essential for the application process.

Age Requirements

I must be at least 18 years old to open a Standard Chartered Bonus Saver account, which ensures that I am legally capable of entering into a banking contract.

Residency Status

The residency requirement specifies that I must be a Singapore Citizen, Permanent Resident, or a Foreigner with a valid employment pass or dependant pass. The residency status impacts the documentation and processes involved.

Minimum Initial Deposit

A minimum initial deposit of SGD$3,000 is necessary to start a Bonus Saver account. This amount signifies my commitment and ability to maintain the account effectively.

Features and Benefits

In my analysis of the Standard Chartered Bonus Saver Account, the key features to consider are the tiered interest rate structure, various bonus interest categories that cater to different customer habits, and an understanding of the account fees.

Interest Rates Structure

The interest rates for Standard Chartered Bonus Saver Account are structured to incentivise saving. They offer a base interest rate, with the opportunity for additional interest based on account activity. Customers can earn higher rates by fulfilling specific criteria, with rates varying based on total account balances.

Bonus Interest Categories

Bonus interest can be earned in several categories, including credit card spending, bill payments, and investment transactions. For example:

  • Credit Card Spending: Earn bonus interest by spending a minimum amount on Standard Chartered credit cards.
  • Bill Payments: Setting up automated bill payments can qualify for additional interest.
  • Investment Transactions: Engage in qualifying investment activities through the bank to boost your interest earnings.

Account Fees

There are several fees associated with the Standard Chartered Bonus Saver Account:

  • Fall-below fee: A fee of $5 is charged if the account balance falls below the required minimum.
  • Account maintenance fee: There is no monthly charge.
  • Overseas transactions: Fees apply for transactions made outside of Singapore, including ATM withdrawals and card payments.

It’s essential to be mindful of these fees to maximise the savings potential of the account.

Account Operation

In managing my Stanchart Bonus Saver Account in Singapore, I find the operational aspects straightforward, encompassing convenient access to funds, robust online banking features, and reliable customer service.

Accessing Funds

I have multiple options for accessing my money, including ATMs, branch tellers, and electronic transfers. ATMs are widely available for withdrawals and deposits. Should the need arise, I can visit a branch to conduct transactions in person. For larger transactions or transfers, I utilise FAST (Fast and Secure Transfers), which enables me to send money instantly between banks in Singapore.

Online Banking Capabilities

My experience with online banking for the Stanchart Bonus Saver Account has been seamless. I can easily check my balance, view transaction history, and set up funds transfers. Bill payments are facilitated via PayNow, allowing me to settle bills with just a mobile number or National Registration Identity Card (NRIC). The mobile app and web portal also offer budgeting tools, which assist me in tracking my expenses.

Customer Service

Whenever I’ve needed assistance, the customer service has been approachable and helpful. There are multiple channels through which I can seek help, including a telephone hotline, email support, and live chat on the bank’s website. The wait times are generally reasonable, and the customer service representatives are well-informed about the workings of the Bonus Saver Account.

Comparison with Other Savings Accounts

In analysing the Standard Chartered Bonus Saver Account, I’ve thoroughly compared it to alternative products in Singapore’s banking sector, focusing on interest rates, benefits, and unique features.

Competitor Analysis

The Standard Chartered Bonus Saver Account features competitive tiered interest rates, which can be compared to similar offerings like the DBS Multiplier and OCBC 360. These accounts also provide bonus interest for various banking activities. However, unlike DBS which requires no minimum balance, my account assesses a S$3,000 minimum.

A notable contrast is found with the UOB One Account, which necessitates a much higher threshold of minimum credit card spend to unlock the maximum interest. In terms of interest accumulation, HSBC’s Everyday Global Account differs as well; it offers a flat rate rather than increments associated with specific activities.

My account benefits from no limited transactions and provides cashback on certain spends, setting itself apart from accounts with more restrictive transaction policies and fee structures.

Market Positioning

My account is positioned to attract a diverse group of savers, from young professionals to seasoned investors. The account is flexible enough to cater to idle funds and active financial management strategies, unlike products such as the Maybank SaveUp Account, which is more rigid and less accommodating of varied financial activities.

Moreover, within the market, my account stands firm with its accessibility to Standard Chartered’s international network and online services, which can be especially appealing to those dealing with cross-border transactions, distinguishing it from competitors who may have less global reach.

Promotions and Incentives

I’m providing a straightforward look into the current incentives Standard Chartered Bank offers with their Bonus Saver Account in Singapore. New customers may take advantage of signup bonuses, which typically include cashbacks for meeting initial deposit requirements within a certain time frame. It’s important to keep an eye on their promotional page or reach out to a representative, as these offers tend to be time-sensitive and periodically updated.

The Bonus Saver Account itself boasts an attractive tiered interest rate structure. Customers earn higher interest rates when they engage in more banking activities, such as:

  • Spending on their Standard Chartered credit card
  • Increasing their account balance
  • Investing through the bank
  • Taking up insurance products

Interest rates are competitive and structured to reward users who maximise their banking activities. For instance, here is a breakdown of how activities can boost interest rates:

  • Credit Card Spend: Up to 2.05% p.a. (inclusive of prevailing interest rate) with a minimum of S$2,000 on eligible spends
  • Salary Crediting: Additional interest on account balance for crediting monthly salary
  • Bill Payments: Set bill payments to earn more interest
  • Investment & Insurance: Engage in eligible products for interest rate hikes

It’s critical to review the terms and conditions for each incentive, as there are often specific criteria to meet in order to benefit from these promotions. I recommend customers maintain an up-to-date awareness of their transactional behaviour and balance to fully utilise these incentives.

Finally, Standard Chartered sometimes partners with various brands or platforms to offer additional vouchers or cashback when meeting certain criteria. These benefits supplement the already robust interest-earning potential of the Bonus Saver Account.

Pros and Cons

When considering the Standard Chartered BonusSaver account, it’s crucial to weigh the advantages and disadvantages. This section aims to provide an unbiased view of the account’s offerings.


  • Interest Rates: The BonusSaver account offers competitive tiered interest rates, which increase with the account holder’s level of engagement and balance. For example, account holders can earn higher interest by meeting certain deposit or spending criteria each month, maximising returns on savings.
  • Bonus Categories: Account holders earn additional interest through a variety of bonus categories such as credit card spending, bill payments, and investment or insurance product purchases. I find this incentivises a broader engagement with financial management tools.


  • Minimum Balance Requirement: There is a monthly minimum average balance requirement. Falling below this threshold results in service fees, which can erode savings if not managed properly.
  • Complexity of Bonus Interest Requirements: The criteria for earning bonus interest may be complex for some users, requiring careful monitoring of account activity to ensure eligibility for the elevated rates. This can be a potential pitfall for those not vigilant in managing their finances.

Application Process

To apply for the Standard Chartered Bonus$aver Account, I start by ensuring I meet the eligibility criteria: be at least 18 years old and have a valid identification document.

Step 1: I visit the Standard Chartered website or branch. Online, I look for the ‘Bonus$aver Account’ under the savings account section.

Step 2: I carefully read through the account features, terms and conditions, and the fees before applying. If applying online, I click the ‘Apply Now’ button.

Step 3: I complete the application form with my personal and financial details. It includes my full name, NRIC or passport number, mobile number, and email address.

Step 4: I must submit documentation, such as a copy of my NRIC or passport, and proof of address. Online submission typically involves uploading these documents.

  • For Singaporeans/PRs: NRIC
  • For Foreigners: Passport, Employment Pass, and proof of residence

Step 5: I agree to a credit check if required.

Step 6: I review all the information provided, ensuring it’s accurate before submitting the application.

Step 7: After submission, I await confirmation from Standard Chartered. They may reach out if additional information is needed.

It’s important to note that while the online application is convenient, visiting a branch can provide immediate assistance and clarify any queries I might have. My application’s approval time can vary, but Standard Chartered usually processes it within a few business days.

Final Thoughts

When examining the Standard Chartered BonusSaver account, I find its tiered interest rate structure particularly noteworthy. On savings, the earning potential can be impressive, provided one meets specific criteria involving card spending and bill payments. Notably, the account offers the following for potential earnings:

  • Interest on Savings: Competitive, especially when maximising categories.
  • Bonus Interest Categories: Varied, from card spending to investment or insurance products.

I appreciate the account’s flexibility, which caters to different financial behaviours. However, it is essential to consider that high returns are contingent upon meeting monthly requirements. I also acknowledge the need to maintain a strategic approach to avoid potential drawbacks such as:

  • Monthly Transactions: Necessary to earn bonus interest; otherwise, base rates apply.
  • Fees: Monthly account fees can erode interest earned unless minimum balances are met.

For residents of Singapore looking for a savings account with beneficial interest rates, the BonusSaver appears to be a suitable option, especially if you can consistently meet the qualifying criteria.

My final thought boils down to this: the Standard Chartered BonusSaver Account can be fruitful for savers committed to its requirements, yet it is imperative to regularly assess whether one’s financial habits align with the account’s structured rewards to fully benefit from it.