From 1st July, StanChart is decreasing interest rates for Bonus$aver and Jumpstart Account. The Bonus$aver was recently revised with interest rates lowered, but it wasn’t an account I would have considered in the first place. It’s even worse now. JumpStart, however, was a really good account for those who qualify. This will change in July.

What has changed?

Bonus$aver

	Current	From 1st July
Credit Card Spend	Up to 1.50% p.a. (minimum spend of S$2,000 monthly) Up to 0.50% p.a. (minimum spend of S$500 monthly)	Up to 0.80% p.a. (minimum spend of S$2,000 monthly) Up to 0.30% p.a. (minimum spend of S$500 monthly)
Salary Credit	1.00% pa	0.40% pa
Bill Payments	0.10% pa	0.10% pa
Invest/Insure	1.28%	0.85% pa + 0.85% pa
Maximum Balance	$100,000	$80,000

Realistically, you will be fulfilling salary credit, $500 card spend, and bill payments for a pathetic 0.80% pa interest. Moreover, you would have to use a rewardless Bonus$aver card for the spend, forgoing cashback or miles which makes it even more unpalatable. It wasn’t a good account, and it is going to become worse....