Revision of Bonus$aver Account and Wealth $aver Account Interest Rates effective 1 January 2023
With effect from 1 January 2023 (inclusive), please note that there will be an update to the product Terms and Conditions:
- Bonus$aver Product Terms
- Wealth $aver Product Terms
Updates to Bonus$aver Account
The Terms will be updated to reflect changes in the bonus interest rates. Please refer to the table below for a summary of changes.
| PREVAILING
BONUS INTEREST RATE ON YOUR FIRST S$100,000 ELIGIBLE DEPOSIT BALANCE | NEW (WITH EFFECT FROM 1 JANUARY 2023)
BONUS INTEREST RATE ON YOUR FIRST S$100,000 ELIGIBLE DEPOSIT BALANCE | |
|---|---|---|
| Card Spend | Up to 1.60% p.a. (minimum eligible spend of S$2,000 monthly)Up to 0.60% p.a. (minimum eligible spend of S$500 monthly) | Up to 2.00% p.a. (minimum eligible spend of S$2,000 monthly)Up to 1.25% p.a. (minimum eligible spend of S$500 monthly) |
| Salary Credit | 1.20% p.a. | 2.50% p.a. |
| Invest | 1.00% p.a. | 1.50% p.a. |
| Insure | 1.00% p.a. | 1.50% p.a. |
| Bill Payment | 0.07% p.a. | 0.33% p.a. |
| Prevailing Interest Rate | 0.01% p.a. | 0.05% p.a. |
| TOTAL BONUS INTEREST PAID ON YOUR ELIGIBLE DEPOSIT BALANCE
(INCLUSIVE OF PREVAILING INTEREST RATE) | 4.88% p.a. | 7.88% p.a. |
Please refer to Clause 4.2 and Clause 4.4 in the updated Terms for the relevant changes. If you wish to obtain a copy of the new Terms, go to www.sc.com/sg/bonussaver-tnc from 3 January 2023.
Updates to Wealth $aver Account
The Terms will be updated to reflect changes in the bonus interest rates. Please refer to the table below for a summary of changes.
| ASSET UNDER MANAGEMENT “AUM” (SGD) | WEALTH $AVER ACCOUNT BALANCE IN SGD | INTEREST RATE (P.A.)
(BEFORE 1 JANUARY 2023)
| INTEREST RATE (P.A.)
(EFFECTIVE 1 JANUARY 2023)
|
|---|---|---|---|
| < S$200,000
| > S$0 | 0.05% | 0.05% |
| S$200,000 to <S$1,500,000 |
First $500,000
Balances above S$500,000
| 1.00%
0.05% | 2.00%
0.05% |
| ≥S$1,500,000 |
First $500,000
Balances above S$500,000
| 2.00%
0.05% | 3.50%
0.05% |
For clarity, you will only earn 0.05%p.a. on your Wealth $aver account balance if you are not a Priority Banking or Priority Private client. Note: it may take up to 7 working days to process your Priority Banking or Priority Private sign up request after fulfilling the eligibility criteria
Please refer to Clause 3.3 in the updated Terms for the relevant changes. If you wish to obtain a copy of the new Terms, go to www.sc.com/sg/wealth$aver from 3 January 2023.
Deposit Insurance Scheme
Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$75,000 in aggregate per depositor per Scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.