In response to the global declining interest rate amid the coronavirus pandemic, banks are taking the necessary measures to slash interest rate on savings accounts. Standard Chartered Bank ("SCB") is no exception.
Following a recent alteration in April, SCB will be revising the interest rate on the Bonus$aver Account again with effect from 1 July 2020. You may also wish to refer to the circular for more information.
Revision of Interest Rates for Bonus$aver Account from 1 July 2020
- Credit Card Spend: The interest rate earned from monthly spending of $500 on the Bonus$aver card will be reduced from 0.45% to 0.25% p.a. Similarly, the interest rate for the next tier of $2,000 spending will be reduced from 1.45% to 0.75% p.a.
With SCB scaling back on the bonus interest, there is less incentive to spend on the Bonus$aver card which offers no cashback/rewards/miles benefits by itself. Even if you have managed to hit $2,000 monthly spending, the interest rate awarded will be a paltry 0.75%.
