Until 2nd June 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 choose to receive either $280 via PayNow, or a free set of AirPods Pro (worth $379) + $30!
23 days 22 hours 17 minutes 46 seconds left to grab this offer!
The promo is opened to those who do not have a Bonus$aver account. You would still qualify if you have other StanChart accounts or credit cards!
Here are the steps required:
- Sign up for Bonus$aver here
- Fill up the form found in your email to choose your reward (important!)
- Be approved for the account (get $30 via PayNow)
- Maintain $50,000 in fresh funds from account opening until the end of the following month (get $250 or AirPods Pro)
Find the terms and conditions here.
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 $280 for setting aside $50,000 is very good return for bank deposits! For accounts opened in May, you will have to set aside your funds until 30th June to get $280 in total ($30 for opening the account + $250 for maintaining $50,000). If you time it correctly and place your funds in at the end of the month, you will only need to set your funds aside for a month, making the returns on this about 6% p.a. ($280 on $50,000 deposit in a month)!
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The account itself also generates some interest on your savings if you achieve some conditions, but they are mostly onerous to attain. You won’t want to spend on the Bonu$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 some 6% p.a. return is pretty great, even if it’s only for a month. 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.
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