When I shared on Facebook why OCBC 360 has gone from the top to the bottom of my list of “jumping through hoops” savings accounts, a reader suggested Standard Chartered Bank’s Bonus Saver as an alternative.
Coincidentally, my sister started a Bonus Saver account recently and I did look at it before junking it.
Please take note that I junked it because it didn’t suit me. I will share who it is good for later.
SCB announces plans to slash 15000 jobs.
The headline interest rate is always attractive:
Up to 3.88% per annum!
How to get this?
OK, start jumping through hoops.
Base interest rate (for the first $200,000 in the account) is 0.1%.
Spend $2,000 on a SCB credit card each month to get 1.78%.
Alamak! Now, I am already struggling with spending $500 with the UOB One Card. How like that?
What if I spend only $500 a month? OK, I will get 0.78% per annum. A big difference…