After a recent spate of negative alteration made by Citibank and DBS to their active savings accounts, Standard Chartered (“SCB”) has too, taken an axe to its Bonus$aver Account amid interest rate cut by US Fed.
First launched in Feb 2012, the Bonus$aver Account was one of the early trendsetters in active high-yielding savings accounts. It was extensively revamped in 2016 to gain competitive advantage among other financial institutions.
However, SCB will be revising the terms and conditions on the Bonus$aver Account for the second time with effect from 1 April 2020. You may also wish to refer to the circular for more information.
Revision of Interest Rates for Bonus$aver Account from 1 Apr 2020
- Credit Card Spend: The interest rate earned from monthly spending of $500 on the Bonus$aver card will be reduced from 0.78% to 0.45% p.a. Similarly, the interest rate for the next tier of $2,000 spending will be reduced from 1.78% to 1.45% p.a.