One of the most popular deals this year is back: open Bonus$aver as a new-to-product customer and save S$50,000 until the end of the following month to receive great rewards!
This time, choose between S$250 cash or a Dyson AM07 Tower Fan which retails for S$499.
Update 01/12/2021: changed to choice between AirPods Pro worth $379 or S$250 cash! Until 17th January 2022
Standard Chartered Bonus$aver
Until 31st March 2023 (promo by StanChart)
A new-to-Bonus$aver customer is defined as someone who must not have had a previous Bonus$aver Account and/or Bonus$aver Credit Card account suspended, cancelled or terminated in the last 12 months. If you are a new-to-Bonus$aver customer. Holders of other StanChart cards/accounts still qualify!
|Sign up for Bonus$aver Account + Bonus$aver Credit Card as a new-to-product customer||–|
|Tap here to fill up Google Form||To monitor and keep track of referral|
|Deposit and maintain minimum S$50,000 of fresh funds until the end of following month (i.e. 28th February 2023 if account is opened in January 2023)||S$188|
These are for reference only. Please refer to the terms and conditions.
Thoughts and analysis
Placed in a hypothetical 3% p.a. account for a month, S$50,000 yields about S$125 of interest, so receiving S$250 cash by placing S$50,000 for a little over a month till 31st December 2021 is indeed a very good deal! With interest rates the way they are these days, this is an attractive deal for those with spare funds available.
That would be reason enough to take advantage of this promotion, but if you are a new to Standard Chartered customer for savings/current accounts, the deal is even sweeter: you get a bonus 1% p.a. interest rate for as long as you maintain the minimum deposit of S$50,000 in average daily balance per month. This bonus rate is on the first S$200,000 of savings placed in your Bonus$aver account.
The account itself isn’t anything too extraordinary, and it awards you bonus interest on top of the paltry 0.01% p.a. prevailing base interest. Par for course with many bank accounts that offer higher interest, the Bonus$aver gives more interest when you perform certain activities:
|Spend $500 / Spend ≥ S$2,000||0.21% / 0.41% p.a.|
|Salary credit of ≥ S$3,000||0.10% p.a.|
|Purchase eligible insurance products||0.90% p.a.|
|Purchase eligible investment products||0.90% p.a.|
|≥ 3 bill payments||0.07% p.a.|
I would personally think hard before buying any investment/insurance product from a bank just to get more interest.
Take note that there is an early closure fee of S$30 if account is closed within 6 months of account opening. There is also a fall-below fee of S$5 if the average daily balance falls below $3,000 for a particular month.
From experience, I have accounts from various banks that idle at $0 without any fee ever being deducted, so make what you will of that information.
Keep up to date on the best cashback/mile cards, financial products, 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 shared exclusively in the group chat!
Disclaimer: I may receive an affiliate/referral fee when you sign up for services/products on this site, and such fees keep the site running. I would only recommend services/products I would personally use or recommend to my own friends and family, but I do not provide any warranty or guarantee for the quality of these services/products. Thank you for supporting my site!
Please exercise due diligence when signing up for any service/product as I will not be liable for any personal loss, financial or otherwise. Content published here are my sole views and personal opnion, and none of the information here constitutes personal financial advice nor represents the views of my employer(s).