standard charted bonus saver

[Nyan]

https://www.sc.com/sg/promotion/bonussaver/?pid=SG:bonussaver:HCR3:20130930

hey dear brothers, was wondering if this plan is good?

they are offering 1.88% P.A.

minimum must put in 25k is it?

 

[bigmice]

yes. quite easy to meet it's criteria. very good.

 

[twinklingstars]

Yea its quite good, I earn 1.88% for first $25K.

Depend on personal preference whether you want to lock in $25K inside or not.

 

[noisemaker]

But you have to spend $500 every month to get the 1.88% interest pa?
If not one doesn't get this interest? Am I right in my interpretation?

 

[twinklingstars]

But you have to spend $500 every month to get the 1.88% interest pa?
If not one doesn't get this interest? Am I right in my interpretation?

yes, i easily clock $500 per month.. so its easy to get the interest for my case. any other expenditure exceeding $500, i will charge to other cards eg uob one cards.

 

[jtdcjtdc]

> minimum must put in 25k is it?

no it isn't. should be 50k. but i think can withdraw 25k after as there should be a minimum of 25k with the bank.

To qualify: (b) you must deposit a minimum of S$50,000 in fresh funds^ (“Minimum Deposit”) into the Bonus$aver account at the time of account opening

^Fresh funds means funds not originating from any existing account with the Bank and funds that are not withdrawn and re-deposited with the Bank within the last 30 days.

 

[derrickgoh]

Take note of the $500 per month. If you are a big spender then no issues but otherwise, if you go under $500 for one month, better check the consequences.

 

[teerance85]

Take note of the $500 per month. If you are a big spender then no issues but otherwise, if you go under $500 for one month, better check the consequences.

No lah, no consequences. The only consequence is you don't get the bonus int for that mth.

 

[derrickgoh]

No lah, no consequences. The only consequence is you don't get the bonus int for that mth.

If you are sure then ok lor. I know some banks is more than that. If you miss just one month then the interest rate for the ENTIRE YEAR is reduced to the normal rate not this special rate.

 

[chopra]

> minimum must put in 25k is it?

no it isn't. should be 50k. but i think can withdraw 25k after as there should be a minimum of 25k with the bank.

min is 3k
but it's common sense to put 25k to milk dry.
50k is to get some rewards for newcomers iirc.

 

[ramdick]

No lah, no consequences. The only consequence is you don't get the bonus int for that mth.

You can confirm? Usually banks take the average quarterly or longer and pay out at the end of those months. Missing 1 month in the qtr means disqualified for whole qtr

 

[ball0207]

hahah! seem alot bro.! many banks offer 1.88pa ?

 

[teerance85]

You can confirm? Usually banks take the average quarterly or longer and pay out at the end of those months. Missing 1 month in the qtr means disqualified for whole qtr

Yes confirm. I give u illustration, assuming you have 25k in the account for 365 days and not a single wdl done.

If jan u spend more then $500, you get around $39++ interest.
If feb u spend less then $500, you get their base interest (not too sure how much).
so and so forth....

If you count the total interest earned for the whole year, it would be less then the promised 1.88% because there is a mth you didnt enjoy the bonus interest.

 

[naro]

If you are sure then ok lor. I know some banks is more than that. If you miss just one month then the interest rate for the ENTIRE YEAR is reduced to the normal rate not this special rate.

which are the 'some banks' you mention?

 

[rotiboyz]

Yes confirm. I give u illustration, assuming you have 25k in the account for 365 days and not a single wdl done.

If jan u spend more then $500, you get around $39++ interest.
If feb u spend less then $500, you get their base interest (not too sure how much).
so and so forth....

If you count the total interest earned for the whole year, it would be less then the promised 1.88% because there is a mth you didnt enjoy the bonus interest.

Interest is credited monthly not big prob

 

[tatose]

This account is a good deal if you already have close to 25k cash to hold, which will generate enough interests to beat out cashback credit cards + short term FDs.

Else, you would be losing out on maximising 500SGD/mth spendings.

 

[excalibur324]

this acct is for those who can chalk up $500/month easily.

 

[tomatoman]

> minimum must put in 25k is it?

no it isn't. should be 50k. but i think can withdraw 25k after as there should be a minimum of 25k with the bank.

minimum is 3k to maintain acct

 

[tomatoman]

This account is a good deal if you already have close to 25k cash to hold, which will generate enough interests to beat out cashback credit cards + short term FDs.

Else, you would be losing out on maximising 500SGD/mth spendings.

divert the 500 monthly to ezlink topup, to prepaid mastercard and to ntuc vouchers then dump into esaver during times of bonus promo when low usage : )

This is my strategy ... hehehe ...

 

[twinklingstars]

Yes confirm. I give u illustration, assuming you have 25k in the account for 365 days and not a single wdl done.

If jan u spend more then $500, you get around $39++ interest.
If feb u spend less then $500, you get their base interest (not too sure how much).
so and so forth....

If you count the total interest earned for the whole year, it would be less then the promised 1.88% because there is a mth you didnt enjoy the bonus interest.

the base interest is about $2 plus a month, assuming $25K deposit.