The very same day UOB announced the drop in rates for its popular UOB One savings account, Standard Chartered is following suit with Bonus$aver. A close alternative to the UOB One, Bonus$aver has been offering a pretty decent 4.13% to 4.88% p.a. interest rate over the past year or so. That will change from 1st May 2024.
Maximum interest is now 3.68% p.a. (down from 4.88%)
Bonus$aver requires 3 categories to reach its maximum interest rate and that’s Salary Crediting, Bill Payments, and Card Spend. Bonus interest rates across all three categories have been sliced and diced:
| Category |
Interest Rate Before 1st May 2024 (p.a.) |
New Interest Rate (p.a.) |
| Base Interest |
0.05% |
0.05% |
| Credit Salary of ≥S$3,000 |
2.50% |
2.00% |
| Make 3 Bill Payments of >S$50 each |
0.33% |
0.23% |
| Card Spend of S$500 / S$2,000 |
1.25% / 2.00% |
0.60% / 1.40% |
| Maximum EIR |
4.13% / 4.88% |
2.88% / 3.68% |
As usual, I’m ignoring requirements that require you to buy investment or insurance products from the bank as they are almost always a bad deal. As part of the new changes, the bank is increasing the...
