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 August 2022
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!
Don’t have a StanChart Credit Card yet? Make sure you sign up for StanChart Smart first to get S$300 (or Dyson/Xiaomi gift) as a new to StanChart cardholder, then sign up for Bonus$aver to enjoy both promos.
|Sign up for Bonus$aver Account + Bonus$aver Credit Card as a new-to-product customer||–|
|Fill up rewards form from SingSaver in email to choose desired reward||Required for reward to be given!|
|Deposit and maintain minimum S$50,000 of fresh funds until the end of following month (i.e. 30th September 2022 if account is opened in August 2022)||Choose: AirPods Gen 3 + AirTag (worth S$314) or S$250 cash via PayNow|
These are for reference only. Please refer to the terms and conditions.
Last updated 1st August 2022.
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.
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