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?


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.


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


Check out August’s fantastic card deals here. Get up to $350 per card!


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.

Keep up to date on the best cashback/mile cards, savings accounts, attractive deals, and more tips to maximise your financial wellbeing by subscribing to my Telegram channel.

Subscribe to the channel, then join the group chat. You would often benefit from the tips exclusively shared in the group chat! See the Things You’ve Missed here

Leave a Reply

%d bloggers like this: