Revision of Bonus$aver Product Terms and Current and Savings Accounts Prevailing Interest Rates effective 1 July 2020
With effect from 1 July 2020 (inclusive), please note that there will be an update to the Bonus$aver Product Terms and a revision in the prevailing interest rates for a list of Current and Savings Accounts.
- Updates to the Bonus$aver Account
The Bonus$aver Product Terms (“Terms”) will be updated to reflect changes in the average daily balance cap, bonus interest rates and the “Invest” and “Insure” categories.
From 1 July 2020 (inclusive), payout of all interest (including prevailing interest and bonus interest) on the first S$80,000 eligible deposit balance will be capped at 3.00% p.a. for the Bonus$aver account balances denominated in Singapore Dollar.
Please refer to the table below for a summary of changes.
| CARD SPEND
(INCLUSIVE OF PREVAILING INTEREST RATE) | SALARY CREDIT | BILL PAYMENT | INVEST | INSURE | TOTAL INTEREST PAID ON YOUR ELIGIBLE DEPOSIT BALANCE | |
|---|---|---|---|---|---|---|
| Prevailing
Bonus Interest Rate on your first S$100,000 eligible deposit balance | Up to 1.50% p.a.
(minimum spend of S$2,000 monthly)
Up to 0.50% p.a. (minimum spend of S$500 monthly) | 1.00% p.a. | 0.10% p.a. | 1.28% p.a. | 3.88% p.a. | |
| New
Bonus Interest Rate on your first S$80,000 eligible deposit balance
(With effect from 1 July 2020) | Up to 0.80% p.a.
(minimum spend of S$2,000 monthly)
Up to 0.30% p.a. (minimum spend of S$500 monthly) | 0.40% p.a. | 0.10% p.a. | 0.85% p.a. | 0.85% p.a. | 3.00% p.a. |
Please refer to Clause 2, Clause 4.2, Clause 4.4 and Clause 4.9 in the updated Terms for the relevant changes.
If you wish to obtain a copy of the new Terms, please visit www.sc.com/sg/bonussaver-tnc from 1 July 2020.
- Updates to Current and Savings Accounts
The prevailing interest rates for the following Current and Savings Accounts will be revised as follows:
Singapore Dollar Accounts
| Product | Balance | Prevailing Interest Rate (P.A.) | New Interest Rate (P.A.) Effective 1 July 2020 (Inclusive) |
|---|---|---|---|
| Jumpstart | First $20,000 | 2.00% | 1.00% |
| Incremental bal above $20,000 | 0.10% | 0.10% | |
| Cheque and Save / Credit Manhattan / OneAccount | First $250,000 | 0.05% | 0.05% |
| Any balance above $250,000 | 0.10% | ||
| Preferred Current | First $6,000 | 0.05% | |
| Any balance above $6,000 | 0.10% | ||
| SuperSalary | All balances | 0.10% | |
| Supersave / Trust Supersave | First $50,000 | 0.10% | |
| Any balance above $50,000 | 0.15% | ||
| NUS Alumni | All balances | 0.15% | |
| Dash Easy | All balances | 0.50% | |
| Junior Savings | All balances | 0.25% |
Foreign Currency Accounts
| Product | Currency | Balance | Prevailing Interest Rate (P.A.) | New Interest Rate (P.A.) Effective 1 July 2020 (Inclusive) |
|---|---|---|---|---|
| USD$aver | USD | First $50,000 | 0.05% | 0.05% |
| Next $150,000 | 0.75% | 0.25% | ||
| Next $300,000 | 1.00% | 0.50% | ||
| Any balance above $500,000 | 1.50% | 0.80% | ||
| Securities Settlement Account / Wealth Lending Settlement Account | EUR | First $49,999 | 0.00% | 0.00% |
| Any balance above $49,999 | 0.05% | |||
| GBP | First $28,499 | 0.00% | ||
| Any balance above $28,499 | 0.05% | |||
| HKD | First $389,999 | As per Market Rate | ||
| Any balance above $389,999 | As per Market Rate | |||
| NZD | First $119,999 | 0.25% | ||
| Any balance above $119,999 | 0.50% | |||
| AUD | First $65,999 | 0.50% | ||
| Any balance above $65,999 | 1.00% | |||
| Cheque and Save | GBP | First $28,499 | 0.00% | 0.00% |
| Any balance above $28,499 | 0.05% | |||
| HKD | First $389,999 | As per Market Rate | 0.00% | |
| Any balance above $389,999 | As per Market Rate | |||
| NZD | First $119,999 | 0.25% | 0.05% | |
| Any balance above $119,999 | 0.50% | |||
| AUD | First $999,999 | 0.50% | 0.05% | |
| Any balance above $999,999 | 0.50% | 0.50% | ||
| FCY$aver / Statement Savings | GBP | All Balances | 0.10% | 0.00% |
| NZD | All Balances | 1.00% | 0.05% | |
| AUD | First $999,999 | 0.50% | 0.05% | |
| Any balance above $999,999 | 0.50% | 0.50% | ||
| CNH | First $24,999 | 0.30% | 0.50% | |
| Next $975,000 | 1.40% | |||
| Any balance above $999,999 | 1.70% | |||
| Bonus$aver – Multi-Currency | GBP | All Balances | 0.10% | 0.00% |
| NZD | All Balances | 1.00% | 0.05% | |
| AUD | First $999,999 | 0.50% | 0.05% | |
| Any balance above $999,999 | 0.50% | 0.50% |
The above changes will be reflected in the respective Product Terms which will be available here from 1 July 2020 (inclusive).
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.