Bonus$aver - the only account that gives you the highest interest rate in town from SCB

[Cumzilla]

I already say bye bye to this account after it is the 1st to drop the rates to below 3%, transferred all my fund out and only left the min balance required, now it is even worse. Currently for salary, giro transfer from personal bank account is also recognized, so makes no difference when fast and paynow can also as it reduces further to 1% only, no more bill payment interest and card spend even higher to get interest.

 

[darr]

https://www.sc.com/sg/important-information/bonussaver-and-wealthsaver-interest-rate-revision/
Revision of Bonus$aver Account Interest Rates effective 1 January 2025

New (With effect from 1 January 2025) (Bonus Interest Rate on first $100k)
Card Spend - 1.00% p.a. (minimum eligible spend of S$1,000 monthly)
Salary Credit - 1.00% p.a. (Regular inward credit through GIRO, PayNow or FAST), salary at least $3k
Bill Payment - Not Applicable (i.e. this bonus interest is removed)
Invest - 2.00% p,a. (Bonus Interest paid for a consecutive period of 6 months) minimum eligible amount for unit trust is $20k
Insure - 2.00% p,a. (Bonus Interest paid for a consecutive period of 6 months)

I was told there's a way to get a single "RSP" for insure + card spend to get the 2+1%

BUT

Downside is the "RSP" is a 10yr maturity plan and it looks like the insure 2% only valid for 6 months right. After that totally 0%. And the RSP looks like a ILP, pay monthly for 5 yrs and need wait until 10th yr to mature.

Seems good upfront cos can get 4% easily....but after 6 months only left 2% for next 10 years, assuming they don't revise the tnc again until even 2% cannot get.

 

[Cumzilla]

Did not receive the salary credit bonus interest for Jan which I 'fast' to this account, previously did it by giro and was usaually credited latest by the 2nd day of the month...

 

[digitalguy]

can i have this account without debit and credit card? my credit card fee is not waived sadly, and planning to cancel it

 

[Trazora]

can i have this account without debit and credit card? my credit card fee is not waived sadly, and planning to cancel it

dun see why cannot have this account without cards, just no card spend component lor. Or just get debit card?

 

[reddevil0728]

can i have this account without debit and credit card? my credit card fee is not waived sadly, and planning to cancel it

Why need to have card?

 

[ericcsn]

Thinking of opening Bonusaver, i have some questions:
transfer by giro from personal account for salary credit - i understand this is acceptable right (despite what is written on its website as below):
Criteria
Regular inward credit of your monthly salary of no less than S$3,000 nett into your Bonus$aver Account by your employer through GIRO, PayNowNEW! or FASTNEW! with Purpose Code “SALA”


What about card spends to paynow accounts by linking its card to Grabpay (are these considered as eligible credit card spending)?

 

[AlvinDj]

Wow.. Buff'd sia!

https://www.sc.com/sg/important-information/bonussaver-revision/

 

[ThreeSteps]

Bonus$aver Account
Prevailing Interest Rate : 0.05% p.a.

Bonus Interest Rate on first S$100,000 eligible deposit balance - with effect from 1 June 2025
Card Spend - 1.50% p.a. (minimum eligible spend of S$1,000 monthly)
Salary Credit - 1.50% p.a. (Regular inward credit through GIRO, PayNow or FAST – monthly salary of no less than S$3,000)
Invest ) - 2.50% p.a.*Bonus Interest paid for a consecutive period of 6 months* (Invest in eligible Unit Trust or Online Equities of at least S$20,000
Insure - 2.50% p.a. *Bonus Interest paid for a consecutive period of 6 months* (Purchase an Eligible Insurance Policy with a minimal annual premium of S$12,000)

updated t&cs (01Jun2025) : https://www.sc.com/sg/terms-and-conditions/bonussaver-product-terms/
website: https://www.sc.com/sg/save/current-accounts/bonussaver/

 

[sglandscape]

Thinking of opening Bonusaver, i have some questions:
transfer by giro from personal account for salary credit - i understand this is acceptable right (despite what is written on its website as below):
Criteria
Regular inward credit of your monthly salary of no less than S$3,000 nett into your Bonus$aver Account by your employer through GIRO, PayNowNEW! or FASTNEW! with Purpose Code “SALA”


What about card spends to paynow accounts by linking its card to Grabpay (are these considered as eligible credit card spending)?

Such card spends via grab are considered top up to grab wallet, would likely not qualify.

 

[ThreeSteps]

Thinking of opening Bonusaver, i have some questions:
transfer by giro from personal account for salary credit - i understand this is acceptable right (despite what is written on its website as below):
Criteria
Regular inward credit of your monthly salary of no less than S$3,000 nett into your Bonus$aver Account by your employer through GIRO, PayNowNEW! or FASTNEW! with Purpose Code “SALA”


What about card spends to paynow accounts by linking its card to Grabpay (are these considered as eligible credit card spending)?

There are good news for Bonus$aver Account with effect from 1 June 2025

 

[ericcsn]

There are good news for Bonus$aver Account with effect from 1 June 2025

Quite amazing, other banks’ rates went down. StanChart’s went up. Looks like they are desperate for Sing dollars deposits.
Of course we want the best rates for ourselves.

 

[Cumzilla]

Quite amazing, other banks’ rates went down. StanChart’s went up. Looks like they are desperate for Sing dollars deposits.
Of course we want the best rates for ourselves.

Not amazing actually, they were the kanchiong spider first to reduce at the initial stages of the rates falling, and for quite long up to a year perhaps, the others were still maintaining the high rates after they dropped their rates..Anyway not for me still as 1k 'eligible' card spend is out of my reach...

 

[ericcsn]

Not amazing actually, they were the kanchiong spider first to reduce at the initial stages of the rates falling, and for quite long up to a year perhaps, the others were still maintaining the high rates after they dropped their rates..Anyway not for me still as 1k 'eligible' card spend is out of my reach...

on spend: since they have both cc and dc. And dc usually in this category is more relaxed, since there is no rewards involved. So a wider range of eligible spend is expected.
I notice they have allow equities ie shares as investments. That’s a big 2.5% for u even if spend cannot be achieved

 

[Cumzilla]

What chance

on spend: since they have both cc and dc. And dc usually in this category is more relaxed, since there is no rewards involved. So a wider range of eligible spend is expected.
I notice they have allow equities ie shares as investments. That’s a big 2.5% for u even if spend cannot be achieved

Even if range is wider, I rarely able to spend 1k per month unless top up is eligble. As for online equities, 20k is also too big amount for me.

 

[ericcsn]

Even if range is wider, I rarely able to spend 1k per month unless top up is eligble. As for online equities, 20k is also too big amount for me.

I know one bank allows paying of insurance premiums as eligible spend.
I won’t say too much of an alternative to the spend but there might be a way.

 

[CrashWire]

Even if range is wider, I rarely able to spend 1k per month unless top up is eligble. As for online equities, 20k is also too big amount for me.

$20k for 6 months bonus is $3,333 a month for DCA.

Can also just take profit on some and buy $20k worth on others ($40 fee each way @ 0.2%) to enjoy another 6 months of 2.5% ($1.25k value for $100k).

I am more curious if ETFs are included. The updated T&C currently states

• Eligible Online Equities refer to shares that are tradable on SC Online Trading, but does not include the following:
  • i) delisted or suspended shares;
  • ii) shares that are in certificate form;
  • iii) warrants;
  • iv) LPS securities;
  • v) US OTC securities;
  • vi) SGX ETF restrictions;
  • vii) securities sanctioned by the Bank’s internal policies; and
  • viii) shares subject to regulatory and compliance restrictions.

 

[devion]

The card spend to hit 1K a month is not that easy, Need to use the Bonus card.

 

[ericcsn]

Spend - will need testing

 

[Listopad]

The card spend to hit 1K a month is not that easy, Need to use the Bonus card.

Pay tax using their Easybill function , pay a small fee