Nerfed: StanChart Slashes Interest Rates for Bonus$aver and JumpStart Accounts From 1st July

From 1st July, StanChart is decreasing interest rates for Bonus$aver and Jumpstart Account. The Bonus$aver was recently revised with interest rates lowered, but it wasn’t an account I would have considered in the first place. It’s even worse now. JumpStart, however, was a really good account for those who qualify. This will change in July.

What has changed?

Bonus$aver

CurrentFrom 1st July
Credit Card SpendUp to 1.50% p.a.
(minimum spend of S$2,000 monthly)
 
Up to 0.50% p.a.
(minimum spend of S$500 monthly)
Up to 0.80% p.a.
(minimum spend of S$2,000 monthly)
 
Up to 0.30% p.a.
(minimum spend of S$500 monthly)
Salary Credit1.00% pa0.40% pa
Bill Payments0.10% pa0.10% pa
Invest/Insure1.28%0.85% pa + 0.85% pa
Maximum Balance$100,000$80,000

Realistically, you will be fulfilling salary credit, $500 card spend, and bill payments for a pathetic 0.80% pa interest. Moreover, you would have to use a rewardless Bonus$aver card for the spend, forgoing cashback or miles which makes it even more unpalatable. It wasn’t a good account, and it is going to become worse.

JumpStart

CurrentFrom 1st July
First $20,0002.00% pa1.00% pa
Amounts above $20,0000.10% pa0.10% pa

The JumpStart account was excellent for young individuals to grow their savings at a decent 2.00% pa rate without any fuss or requirements to meet. It is now a mediocre 1.00% pa account

Seth
Seth

Score easy $35 with Singlife Grow. No lock-in period and you can withdraw anytime without penalty!

Alternatives

The obvious alternative is currently Singlife Account, but who knows how long their generous 2.5% pa interest would last. In the meantime, it is an excellent choice for people, even if the 2.5% pa is only on the first $10,000. Incremental amounts above $10,000 still get 1% pa (until $100,000), which isn’t too shabby given the climate right now.

I know of a product or two that may be introduced later this month for people looking for higher yields for their savings so subscribe to my Telegram channel to stay updated.

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