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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.

  1. 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.  

  1. 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.