Nerfed: BOC SmartSaver Dropping Interest Rates by 0.70% p.a. From 1st August 2025
Bank of China is dropping interest rates for BOC SmartSaver by 0.70% p.a. This is done by reducing the interest rate of the salary crediting category and the new rates will take place from 1st August 2025.
Interest Rates
| Category | Current Interest Rate (p.a.) | New Interest Rate (p.a.) From 1st August 2025 |
|---|---|---|
| Base Rate | 0.15% to 0.40% | 0.15% to 0.40% |
| Card Spend | Spend S$750: 0.75% Spend S$2,500: 1.25% | Spend S$750: 0.75% Spend S$2,500: 1.25% |
| Salary Crediting | 1.50% | 0.80% 🆕 |
| Bill Payment | 0.10% | 0.10% |
| Effective Rate on S$100,000 (Without Products) | 2.75% to 3.25% | 2.05% to 2.55% |
As usual, the rates will apply to the first S$100,000 balance.
With the rates for the salary crediting category slashed, the maximum possible interest rate achievable (without buying products) on the account for S$100,000 is 2.05% p.a. if you spend S$750 on an eligible BOC card, or 2.55% p.a. if you manage to hit S$2,500 of spend within the month.
More interest for purchase of financial products
| Category | Current Interest Rate (p.a.) | New Interest Rate (p.a.) From 1st August 2025 |
|---|---|---|
| Wealth Bonus Interest | 2.75% | 3.00% 🆕 |
The bank is increasing the bonus interest rate for buying financial products, though I have often warned against doing so.
More details on BOC SmartSaver
Alternatives
I recently did a video to compare different high-yield savings accounts. Aside from the upcoming changes to BOC SmartSaver, it is still relevant:
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Following OCBC 360’s 2nd rate drop for the year, Bank of China has also decided to follow suit. Would UOB One Account be next? Stay subscribed for updates!
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Seth Wee was a licensed financial adviser representative from 2009 to 2025, with over 16 years of experience in Singapore’s financial advisory industry.
He started Sethisfy.com in 2019 to share practical insights on credit cards, banking products, and miles strategies, helping readers identify financial products that deliver the best value. Seth has been featured in CNA, Channel 8, Today, and a host of other publications. In 2025, he was also part of a panel at CPF’s Ready For Life festival.
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