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
| Current | From 1st July | |
| Credit Card Spend | Up 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 Credit | 1.00% pa | 0.40% pa |
| Bill Payments | 0.10% pa | 0.10% pa |
| Invest/Insure | 1.28% | 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
| Current | From 1st July | |
| First $20,000 | 2.00% pa | 1.00% pa |
| Amounts above $20,000 | 0.10% pa | 0.10% 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
Extended until 7th December: sign up for Webull with this link, fund any amount for 30 days and get 10 free shares! That’s US$80 to US$5,000 worth of rewards! Further deposit US$100,000 and get bonus US$3,000!
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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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