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Bonus Saver Account Changes in April 2020

For months, I have been a strong advocate for Standard Chartered bonus saver account. The reason is due to the high interest payout of 3.88% if you are eligible based on the number of services you utilize with the bank.

The Bonus Saver account is mainly a high yield salary crediting account, where customers of the bank would get a higher than usual interest rate compared to the normal savings account.

Apart from that, if you spend at least $500 on the bonus saver credit card, make 3 giro bill payments, buy an insurance policy or make an investment with the bank, you will enjoy the full 3.88% P.A interest rate. 

Change is Coming to Bonus Saver Account 

Today I received an email that the bank is going to tweak the interest multiplier in April 2020. The change will mainly be a shift from lowering the credit card spend interest and moving the interest rate to be higher for insurance or investment products from the bank.

This change is a bit disappointing personally as I cant get a higher interest rate if I don’t invest or have insurance with the bank. But I guess, changing this is only the right thing to do from the banks perspective as credit card spend might not be the best vehicle to make money if we pay up in full every month 🙂

Have a look at the new rates and changes

Visit https://www.sc.com/sg/important-information/bsaver-changes/ for more info

Do note that the total rate is still 3.88% and up to 100,000 SGD, changes will happen April 2020. Prevailing interest rate will also be changed from 0.1% to 0.05%. I guess this is an impact to the low interest rate environment that the world is experiencing.

Image Source https://pixabay.com/photos/singapore-hdr-2948814/

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