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
FINAL call for Webull’s account opening promo! Get easy US$50 to US$500 worth of shares when you open an account and fund any amount. Deal is changing after 31st May 2023 4PM!
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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