Latest Bonus$aver promo : click here
Looking for somewhere to put your funds? Place $50,000 in Bonus$aver until the end of the next month, and receive $238 cashback, plus $20 in Lendlease vouchers!
Offer is only until 31st August 2021.
The promo is opened to applicants who are new to Bonus$aver. In other words, you 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. You would still qualify if you have other StanChart accounts or credit cards!
If you don’t have a StanChart card, you should apply for their credit card first to get the sign-up gift for new StanChart cardholders. Subsequently, sign up below for the Bonus$aver account and credit card. This way, you get sign-up rewards for being a new StanChart cardholder on top of the Bonus$aver promo below!
Here are the steps required for the Bonus$aver (after you have signed up for your first StanChart Card):
- Optional but recommended: sign up for StanChart Unlimited Cashback card here
- Sign up for Bonus$aver Account and Bonus$aver World MasterCard here
- Deposit and maintain S$50,000 in fresh funds in your Bonus$aver Account until the end of the calendar month immediately after the calendar month in which your Bonus$aver Account is opened (get $238 in cashback from Standard Chartered!)
- Fill up this form (get additional $20 in Lendlease e-vouchers from Sethisfy.com!)
This is a simplified reference; find the Standard Chartered’s terms and conditions here.
Some things to note
Activation of card
Note that the Bonus$aver credit card has to be activated to qualify for the promo.
Debit card fee
People who have signed up for this promo previously (including myself) have noticed that a $20 fee was deducted for the debit card. I have raised the issue with StanChart’s customer service who has since waived the fee and assured me that this would not affect my eligibility.
To err on the side of caution, you may also want to put in an extra $20 just to be safe, and do raise a fee waiver request if the $20 is deducted.
Account opening time
If you are already a StanChart customer, the account opening seems almost instant. New to bank customers may encounter some processing time, so do apply early.
Period to place funds
If your account is opened in July, you will need to place funds until 31st August 2021. If it’s opened in August, you will need to place funds until 30th September 2021.
Additional $20 Lendlease e-voucher
The additional $20 Lendlease e-vouchers will only be disbursed to you if the form is filled up appropriately and the sign-up is verified to be done via Sethisfy.com’s link.
By signing up, you take note and agree that:
- you have agreed to receive the sign-up link from me;
- you have been informed that cashback will be accorded to me if these Promotion terms and conditions are complied with;
- you have been informed and consent that the application status of your Bonus$aver application would be disclosed to me by virtue of whether I receive cashback; and
- Standard Chartered Bank (Singapore) Limited has sole and absolute discretion on all matters arising out of or in connection with the promotion
Product details and analysis
Bonus$aver advertises itself to offer up to 2.38% p.a. interest, a seemingly high return considering how interest rates have been gutted over the past year or so. Unfortunately, it’s not quite realistic given that you would have to buy investment and insurance products from the bank to reach anywhere near this rate, as well as spend on the Bonus$aver card which has no rewards.
The sign-up promo alone, on the other hand, makes the account worth signing up. Getting $258 on $50,000 of savings tucked away for little over a month is almost as good as a 6% p.a. rate – an incredible rate especially in this interest rate climate. After which, you can decide what else to do with your cash stash.
Given how the money is completely liquid, you can even place emergency savings here instead of it idling somewhere else.
Fun fact: this is by far one of the most popular promos featured on Sethisfy.com since it started a few months ago, and it’s not hard to see why. Grab it before it goes away with July, and let me know if you have any queries or need any help.
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