The OCBC 360 Account was a game changer in Singapore - for most of us average Singaporeans, the account brought the pathetic 0.05% interest rates offered by most banks to something that was decent enough to make us switchover (even from Standard Chartered Bonus$aver). Once this has taken off, UOB quickly followed with the One Account (click HERE to find out whether the OCBC 360 or UOB One is better!) to steal some of the market share. A couple of days ago, Standard Chartered unveiled the brand new Bonus$aver (Bonus Saver) Deposit Account that gives up to 3.88% interest p.a. on your first S$100,000 deposit balance (OCBC and UOB applies the bonus interest on the first S$60,000 and S$50,000 respectively only).
In order for you to earn the maximum interest rate (3.88%) the first S$100,000 of your deposit balance, you will have to complete four different tasks (each with a different bonus interest rate tied to it).
+1.00% from Salary Credit
In order for you to earn an additional percent of bonus interest, you will have to credit your monthly salary (at least S$3,000 nett) into the Standard Chartered Bonus$aver account by way of a GIRO application. Since the required amount is calculated post-CPF deductions, you should be making at least S$3,750 per month in order for this bonus interest to trigger.
+1.88% from Spending
If you wish to trigger this bonus, you will have to spend at least S$2,000 (or equivalent in foreign currency) per calendar month based on the posting date of transactions. Spending anywhere between S$500 and S$1,999.99 will only give you 0.88% (instead of 1.88%)!
+0.75% from Investing with Standard Chartered
If you invest on your own, good for you but in order for the 0.75% bonus interest to trigger, you will have to either purchase an eligible insurance policy (at least S$12,000 annual premium) or have a minimum subscription sum of S$30,000 in an eligible unit trust. Your investments with other brokers don't count towards this obviously.
+0.25% from Bill Payments
The last one is pretty simple - all you have to do is to make at least 3 bill payments (through GIRO or internet banking) of at least S$50 each to qualify for the bonus interest.
You should definitely check out the nifty little calculator that Standard Chartered has on the website to see whether is it worth switching over. If you have at least S$100,000 in your account, it's not a bad idea to put your money here as the threshold for bonus interest is comparatively higher to both OCBC and UOB.