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Bank of China is a relatively new player in the Singapore market. However, over the past couple of years, one can sense their aggressive marketing as they roll out various credit cards with excellent promotions from time to time. Now, they are giving the local banks a run for their market and this SmartSaver/Multi-Currency Account is modelled after the OCBC 360 account but definitely a better choice as they offer higher returns.

Prevailing Savings Interest Rate (SGD)
Below S$5,000 0.25%
S$5,000 and above 0.275%
S$20,000 and above 0.35%
S$50,000 and above 0.40%

For a start, there is a tiered prevailing savings interest where you get up to 0.4% on your savings.bankofchinasmartsaverNext, there is bonus interest rates if you fulfil these 3 criteria

1. Spend $500 on any BoC credit card a month and get 1.55% p.a. bonus interest

2. Credit your salary  (minimum $2000) and get 1% p.a. bonus interest

3. Make 3 bill payments or 1 mortage repayment and get 0.6% p.a. bonus interest

Sounds pretty decent isn’t it? The bonus interest is valid for the first $60k in your account. For more information, check out Bank of China website here

 

Other reviews of similar bonus interest savings programs that I’ve written previously:

1. DBS Multiplier

2. OCBC 360, Update 1

3. UOB ONE

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