Great Deal: Get S$419 in Welcome Rewards With Bonus$aver Account

StanChart may have dropped rates for Bonus$aver from 1st May 2024, but the sign-up rewards for the account this month may still make it a good short-term place to house some S$50,000 you may have lying around. This month, the welcome rewards are valued at S$419 which adds on to the returns of the Bonus$aver account.

Promo Details

Sign up for the Bonus$aver account as a new-to-product customer and meet the requirements to qualify. New-to-product means that you have not cancelled any Bonus$aver card/account in the past 12 months, and you still qualify if you own other StanChart products.

Standard Chartered Bonus$aver

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Until 31st May 2024 (promo by StanChart)

A new-to-Bonus$aver customer is defined as someone who must not have had a previous Bonus$aver Account and/or Bonus$aver Credit Card account suspended, cancelled or terminated in the last 12 months. Other StanChart cards/accounts do not affect your eligibility for Bonus$aver promo.

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Don’t have a StanChart Credit Card yet? Make sure you sign up for a StanChart Credit Card first to enjoy the credit promo, then sign up for Bonus$aver to enjoy both promos. The order matters!

StepsReward
Sign up for Bonus$aver Account + Bonus$aver Credit Card as a new-to-product customer Get S$30 referral reward for using this link
Tap here to fill up Google FormTo monitor and keep track of referral + get 1 credit to obtain a future finhack
Deposit and maintain minimum S$50,000 of fresh funds until the end of following month (i.e. 30th June 2024 if account is opened in May 2024)Nespresso Essenza Mini Bundle
Credit a minimum of S$3,000 monthly salary into your Bonus$aver account S$100 cashback²

These are for reference only. Please refer to terms and conditions:

  1. Bonus$aver sign-up promo

Make sure to sign up for a StanChart credit card first (for new to StanChart cardholders)

If you are new to StanChart or cancelled your last StanChart credit card more than 12 months ago, take note that this Bonus$aver promo will affect your sign-up reward for StanChart credit cards. This is because you are required to sign up for a Bonus$aver credit card for this promo.

You should therefore sign up for a StanChart credit card first before this account to enjoy both promos.

Of course, you can ignore this if you already have a StanChart credit card.

Welcome rewards add to the 3.68% p.a. interest of the account

The welcome rewards are made of S$130 in cashback and a Nespresso Essenza Mini Bundle retailing for S$289. If you fund S$50,000 today (16th May 2024), S$130 alone for a S$50,000 deposit held until the end of June is as much as 2.13% p.a. returns.

Adding that to the Bonus$aver account’s 3.68% p.a. interest rate already gets us a very handsome 5.81% p.a. rate. Even if we valued the coffee machine at a modest S$100, it’s another 1.63% p.a. to be had, making the total yield as much as 7.44% p.a. for the 1 to 1.5 months your funds are sitting in this account.

The short tenure may work in favour for those who don’t want to lock up their funds for a long time and it’s useful for things like resetting your OCBC 360 account. It could also be very useful to prep for a potential Q3 UOB savings promo (subscribe for more updates on this).

Bonus$aver requirements are relatively simple

The Bonus$aver account does require you to complete 3 requirements for its 3.68% p.a. interest rate:

  1. Credit S$3,000 salary to the account
  2. Make S$2,000 in spending with the Bonus$aver credit/debit card
  3. Make 3 bill payments of at least S$50 each

While it has been thought that there’s no workaround for Item 1, there is at least one data point that says you can use a non-FAST transfer with the purpose of transfer set as Salary to complete this requirement. I can’t confirm this right now, but it’s definitely something I’d be testing out.

Item 2 is simple enough since you can make non-retail to complete this. Lastly, Item 3 is achieved with just making 3 bill payments and even paying off your StanChart credit card counts as a bill payment.

More options

If you’ve missed it, I did a piece on options you can look at to get higher returns for your cash savings.

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