If you had read my previous article on “Which bank’s saving account offers the best interest rate for your salary, credit card spending or bill payment“, you would have known that there are currently 5 different banks offering this combination to entice consumers with bonus interest if they fulfil the above criteria.
Standard Chartered has changed its Bonus Saver programme structure to make it similar to what its fellow competitors are offering.
1.Credit Card Spending
1.88% interest will be rewarded if you spend $2000 on your Bonus$aver card per calendar month. If you can’t meet that spending, try for a $500 per month and you will get 0.88%.
2. Salary credit
Simply credit your monthly salary to this account (minimum $3000) to enjoy this 1% bonus interest.
3. Invest or insure
Spend $12000 on insurance premiums or $30000 on eligible unit trusts to enjoy the 0.75% bonus interest for 12 months.
4. Bill payment
Pay 3 bills via the online platform or GIRO with a minimum bill size of $50 and get 0.25% bonus interest.
While the advertised amount of up to 3.88% interest p.a. is pretty enticing, and valid for your first $100k in your Bonu$aver accounts (compared to $50k-$60k for other banks), the other restrictions make it pretty difficult to hit the advertised interest rates. Where OCBC and Bank of China allow credit card spending on any cards to be eligible for the bonus interest, Standard Chartered has restricted it to the Bonu$saver card. Morever, the minimum salary required is $3000, which is higher than the $2000 which other banks require. Last but not least, its bill payment interest rate is much lower compared to Bank of China or OCBC. Hence, sorry Standard Chartered, I do not foresee many consumers switching over to your new product.
For more details, please visit Standard Chartered website on Bonus Saver account here