Deal: Get $238 With Bonus$aver!

Until 31st July 2021, sign up for a Standard Chartered Bonus$aver Account, maintain a minimum balance of $50,000 in fresh funds until the end of the following month of account opening, and receive $238 cashback!

Promo details


6 days 12 hours 39 minutes 55 seconds left to grab this offer!

The promo is opened to new applications for Bonus$aver. In other words, you must not have had a previous Bonus$aver Account and/orBonus$aver Credit Card account suspended, cancelled or terminated in the last 12 months. You would still qualify if you have other StanChart accounts or credit cards!

If you don’t have a StanChart card, you should apply for their credit card first to get the sign-up gift for new StanChart cardholders, then sign up below for the Bonus$aver account and credit card. This way, you get sign-up rewards for both promotions!

Here are the steps required:

  1. Sign up for Bonus$aver Account and Bonus$aver World MasterCard here
  2. Be approved for both
  3. Deposit and maintain S$50,000 in fresh funds in your Bonus$aver Account until the end of the calendar month immediately after the calendar month in which your Bonus$aver Account is opened
  4. Fill up this form

This is a simplified reference; find the full terms and conditions here.

Take note

By signing up, you take note and agree that:

  • you have agreed to receive the sign-up link from me;
  • you have been informed that cashback will be accorded to me if these Promotion terms and conditions are complied with;
  • you have been informed and consent that the application status of your Bonus$aver application would be disclosed to me by virtue of whether I receive cashback; and
  • Standard Chartered Bank (Singapore) Limited has sole and absolute discretion on all matters arising out of or in connection with the promotion

Analysis

With bank deposit rates at the low levels they are at now, bank accounts aren’t the most attractive of places to place your savings in.

However, getting $238 cashback for setting aside $50,000 is very attractive given how low the returns on bank deposits are.

A few people have reported $20 being deducted from their accounts for the debit card (which seems to be issued even though a credit card is applied). It seems prudent to add an extra $20 to buffer against this scenario, and do request for a waiver if you see this deduction.

Seth
Seth

Get $538 for signing up for a credit card and bank account! Details here

Conclusion

The account itself also generates some interest on your savings if you achieve some conditions, but they are mostly onerous to attain. You won’t want to spend on the Bonu$aver card which gives no rewards, nor buy investment/insurance products from the bank just to get more interest.

The bulk of the benefit is going to come from the promo which has pretty easy requirements. If you have $50,000 of cash lying around, getting $238 cashback is pretty great for setting aside your funds for less than 2 months. Given that there is still full liquidity to your funds, you can even put emergency funds here since you can always make withdrawals (and forgo the promo if your balance falls below the minimum required) if you have a desperate need for the funds.

Do note that there is an early closure fee of $30 if the account is closed within 6 months, and there is a $5 fall-below fee for balances under $3,000. It takes a while for the reward to be disbursed to you, and you should read through the terms and conditions before proceeding.

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4 thoughts on “Deal: Get $238 With Bonus$aver!

  1. Hi. Do I need to apply for a Bonus saver world credit card along with opening Bonus Saver account? Please advise, as I am not eligible to apply for the credit card. Thanks

    1. Hi YH, I think you have to apply it with the credit card. I’ve applied for my mum and no debit card option is available unfortunately.

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