Bonus$aver Product Terms

  1. What is Bonus$aver
    1. 1.1.   Bonus$aver comprises a current/cheque account (Bonus$aver account) and one or more Bonus$aver World MasterCard debit and/or credit card(s) which may be linked to the Bonus$aver account (each a Bonus$aver card). The Bonus$aver account may be opened as a personal account or a joint account.

    2. 1.2. These Bonus$aver Product Terms are to be read together with our Customer Terms, Current/Cheque/Savings Account and Time Deposit Terms, and Credit Card Terms. If there is any inconsistency between these Bonus$aver Product Terms and the other terms, these Bonus$aver Product Terms prevail.
  2. Bonus$aver requirement
    1. 2.1 In addition to prevailing interest, you will receive bonus interest on the average daily balance in your Bonus$aver account (up to an average daily balance cap of S$100,000) for a calendar month if you comply with the following requirements (Bonus$aver requirement) in that calendar month:
      1. 2.1.1 you must be the primary account holder of a Bonus$aver account;
      2. 2.1.2 your Bonus$aver card must be linked to your Bonus$aver account;
      3. 2.1.3 both your Bonus$aver account and your Bonus$aver card account must be valid and in good standing; and
      4. 2.1.4 you must have completed transaction(s) in at least one of the following categories from A to D (each a Bonus$aver category):
        1. Card Spend
          1. 2.1.4.1  you must successfully charge a minimum sum of S$500 in any calendar month on qualifying retail transactions to a Bonus$aver card. To earn a higher bonus interest rate, you may also choose to charge a minimum of S$2,000 in any calendar month on qualifying retail transactions to a Bonus$aver card. Qualifying retail transactions charged to the Bonus$aver card by a supplementary cardholder will be aggregated and consolidated under the principal cardholder’s Bonus$aver account.
            In determining whether you have fulfilled the Bonus$aver category of minimum card spend in a particular calendar month, we will add up the amounts of all qualifying retail transactions charged to your Bonus$aver card in that calendar month based on transaction posting date(s). We may change the minimum card spend at any time with prior notice,
            For the avoidance of doubt, the following transactions are not qualifying retail transactions and will not be taken into consideration:
            1. transactions arising from the use of your linked Bonus$aver cards as an ATM card at an ATM or at an EFTPOS or NETS terminal;
            2. balance transfers to your Bonus$aver card;
            3. EasyPay monthly instalments;
            4. online bill payments;
            5. income tax payments;
            6. payments to loans or credit facilities or deposit accounts;
            7. payments to the Immigration and Checkpoints Authority, Ministry of Manpower and Land Transport Authority;
            8. EZ-link card transactions and other transit link transactions;
            9. top-ups of any stored value facility;
            10. AXS payments;
            11. any fees and charges (including annual fees, interest charges, cheque processing fees, administrative fees, cash advance fees, finance charges and/or late payment charges and other miscellaneous fees and charges) charged to your linked Bonus$aver card;
            12. any amount charged to your linked Bonus$aver card in that calendar month that is subsequently cancelled, voided or reversed;
            13. balance owing on your linked Bonus$aver card from previous or other months; and
            14. any other amount charged to your linked Bonus$aver card as we may determine from time to time.
        2. Salary Credit
          1. 2.1.4.2  you must successfully apply for and make arrangements for the regular inward crediting of your monthly salary of no less than S$3,000 nett by your employer into the Bonus$aver account through direct payment via GIRO.
        3. Bill Payment
          1. 2.1.4.3 you must successfully complete a minimum of three (3) eligible bill payments (each of a minimum amount of S$50) in a calendar month from your Bonus$aver account via our Online Banking platform or GIRO.
        4. Invest/Insure
          1. 2.1.4.4 you must successfully purchase, through us, either an eligible insurance policy or an eligible unit trust, and you must not have terminated that eligible insurance policy or eligible unit trust within 12 months from the date of commencement of the policy/settlement date (as the case may be).
            If the subscription for the eligible unit trust is placed through a joint account or the eligible insurance policy has more than one policy holder, only the primary account holder or policyholder (as the case may be) will be entitled to bonus interest.
            If the investment is denominated in a foreign currency, we will convert the value of such investment into Singapore dollars at our prevailing currency exchange rate in order to determine if it meets the minimum premium or investment amount.
    2. 2.2 If you do not comply with the Bonus$aver requirement for any calendar month, you will not receive bonus interest on the average daily balance in your linked Bonus$aver account for that calendar month.
    3. 2.3 We reserve the right to cancel or suspend payment of bonus interest and to claw back the value of any bonus interest paid in the event that any of the foregoing conditions is not met at any time during the minimum qualifying periods specified above.
  3. Interest
    1. 3.1 You will receive prevailing interest on your Bonus$aver account balances. Prevailing interest will be calculated at the end of each day and credited to your linked Bonus$aver account at the end of the month. The prevailing interest rates are as follows:
      Bonus$aver Account Balance Prevailing Interest Rate
      0.1% p.a.
      >S$200,000 0.2% p.a.
    2. 3.2 If you comply with the Bonus$aver requirement (including completing a transaction in a Bonus$aver category) for any calendar month, you will also earn bonus interest allocated for the Bonus$aver category in that calendar month. Bonus interest will be calculated at the end of each calendar month, based on the average daily balance in your linked Bonus$aver account for each calendar month up to a cap we determine, and credited to your linked Bonus$aver account in the following month. If you do not satisfy any Bonus$aver category in a calendar month, you will not receive bonus interest for that Bonus$aver category. Payout of all interest (including prevailing interest and bonus interest) is capped at 3.88% p.a. per eligible Bonus$aver account.
    3. 3.3  We may change the basis and rates of the prevailing interest and bonus interest at any time with prior notice.
    4. 3.4  The bonus interest allocated for each Bonus$aver category, and the corresponding bonus interest crediting month and payment period, are provided below. In the event of any inconsistency between the contents of the table below and these Bonus$aver Product Terms, the contents of this table shall prevail.
      Bonus$aver Category Description of Transaction Bonus Interest Rate Bonus Interest Crediting Month Bonus Interest Payment Period
      A. Card Spend Either
      Charge a minimum sum of S$500 in any calendar month on qualifying retail transactions to a Bonus$aver card linked to a Bonus$aver account.      		 0.78% p.a.*(for Bonus$aver account balance
      0.68% p.a.* (for Bonus$aver account balance ≥S$200,000)      		 One month after card spend transaction month

      e.g. if card spending is in January, the bonus interest will be paid in February based on January’s ADB      		 Payable monthly upon fulfilment of minimum card spend
      Or
      Charge a minimum sum of S$2,000 in any calendar month on qualifying retail transactions to a Bonus$aver card linked to a Bonus$aver account.       		1.78% p.a.*(for Bonus$aver account balance
      * For the avoidance of doubt, the prevailing interest and bonus interest (for Card Spend) will add up to a total of 0.88% p.a. or 1.88% p.a. (depending on the minimum card spend in that month). The above bonus interest rate (for Card Spend) is applicable only if the end of day balances remain in the same tier throughout the month.
      B. Salary Credit Apply for and make arrangements for the regular inward credit of your monthly salary of no less than S$3,000 nett into the Bonus$aver account by way of a GIRO application 1.00% p.a. One month after transaction month
      e.g. if regular inward or salary credit is in January, the bonus interest will be paid in February based on January’s ADB      		 Payable monthly upon successful inward crediting of monthly salary of minimum of S$3,000 nett amount
      C. Bill Payment Complete a minimum of three (3) eligible bill payments (each of a minimum amount of S$50) in a calendar month via our Online Banking platform or GIRO 0.25% p.a One month after eligible bill payment month
      e.g. if eligible bill payment is in January, the bonus interest will be paid in February based on January’s ADB      		 Payable monthly upon fulfilment of three (3) eligible bill payments
      D. Insure/Invest Either
      Purchase an eligible insurance policy with a minimum annual premium of S$12,000      		 0.75% p.a. One month after purchase of policy
      e.g. if the eligible insurance policy is incepted in January, the bonus interest will be paid in February based on January’s ADB      		 Bonus interest will be paid for a consecutive period of 12 months.
      Or
      Subscribe for an eligible unit trust with a minimum single subscription sum of S$30,000      		 One month after investment settlement month
      e.g. if the subscription of eligible unit trust is settled in January, the bonus interest will be paid in February based on January’s ADB
    5. 3.5 The average daily balance in your linked Bonus$aver account which is eligible for bonus interest is subject to a cap we determine. We may change the cap at any time.
    6. 3.6 We will credit any prevailing interest and bonus interest to your linked Bonus$aver account monthly or at other regular intervals that we determine. The prevailing interest and bonus interest (if any) may be credited to your linked Bonus$aver account on different dates.
    7. 3.7 For the avoidance of doubt, Bonus$aver accounts which did not receive prevailing interest for a calendar month will not be eligible for bonus interest in that calendar month. If a particular Bonus$aver account is inactive or deemed inactive, no bonus interest will be credited into the Bonus$aver account. For the purpose of this clause, an active Bonus$aver account refers to a Bonus$aver account with regular transactional activities including, but not limited to, deposits and withdrawals in the preceding twelve (12) months.
    8. 3.8 In respect of bonus interest payout for the Bonus$aver category of “Insure/Invest”:
      1. 3.8.1 In the event that you have two (2) or more eligible Bonus$aver accounts (of which you are the primary accountholder), bonus interest will be credited to the first of such active Bonus$aver accounts opened with us, with reference to the account opening dates. Notwithstanding the foregoing, where two (2) or more Bonus$aver accounts were opened on the same day, bonus interest may be credited to either Bonus$aver account at our sole discretion; and
      2. 3.8.2 If your Bonus$aver account is in a dormant/unclaimed status, bonus interest will be credited to the first of any other active Bonus$aver accounts opened with us, with reference to the account opening dates.
      3. 3.8.3 In the event that there is no active Bonus$aver account to which bonus interest may be credited, we reserve the right not to make payment of such bonus interest and you agree that your bonus interest shall be forfeited. We have the sole and full discretion to determine the Bonus$aver account to which bonus interest should be credited. In the event of any dispute, you agree that our decision is final and binding on you.
    9. 3.8 Apart from the bonus interest payout for the Bonus$aver category of “Card Spend”, you are not eligible for any other card benefits and privileges, including but not limited to CashBack and rewards programme, made available by us from time to time unless otherwise stated.
    10. 3.10 You may refer to https://www.sc.com/sg/save/current-bonussaver.html for the latest prevailing interest rate, bonus interest rates and eligibility criteria for bonus interest for the Bonus$aver account. For the avoidance of doubt, we reserve the right to vary (i) the prevailing interest rate, (ii) the bonus interest rates, (iii) the cap on average daily balance which is eligible for bonus interest (if any), (iv) the Bonus$aver requirement and (v) the Bonus$aver category, at our sole and absolute discretion from time to time.
  4. Transactions and reversals
    1. 4.1 We are not responsible for any failure or delay in the transmission or posting of transactions made by merchants, telecommunication providers, or any other party.
    2. 4.2 If any transaction posted to your Bonus$aver card in a calendar month is cancelled, voided or reversed for any reason, and you are no longer entitled for any reason to the bonus interest you received, we may debit any of your accounts with us for the amount of the bonus interest credited to your linked Bonus$aver account.
  5. Cap on number of Bonus$aver accounts and minimum Bonus$aver account balances
    1. 5.1 You may have a maximum of three (3) Bonus$aver accounts at any one time provided that the Bonus$aver accounts are governed by different account operating authorities
    2. 5.2 You must maintain a minimum average daily balance in your Bonus$aver account. If you do not maintain the minimum average daily balance we determine, you must pay a fee as set out in the tariff booklet or elsewhere in our banking agreement. We may vary the minimum average daily balance at any time without notice to you.
  6. Rewards

    You will be awarded with 360° Rewards Points under the Standard Chartered 360° Rewards Programme for the Product Category relating to the Bonus$aver account. You are not entitled to get any 360° Rewards Points for amounts charged to your Bonus$aver World MasterCard credit card or any CashBack.

  7. Meaning of words

    8. average daily balance or ADB means the sum of end-of-day balances in an account for each day in that month divided by the number of days in that month.

    Bonus$aver account means the single or joint current/cheque account opened with Bonus$aver.

    Bonus$aver card means the Bonus$aver World MasterCard debit and/or credit card issued by us to you in Singapore, and which may be linked to the Bonus$aver account.

    Bonus$aver category means each of the categories set out in clause 13.1.4.

    Bonus$aver requirement means the requirements set out in clause 13.1.

    bonus interest means any interest you earn in addition to prevailing interest when you satisfy a Bonus$aver requirement, subject to bonus interest rates as may be varied from time to time and determined by us.

    eligible bill payments means unique bill payments to different billing organisations and includes (i) in respect of bill payments via our Online Banking platforms, any payments made to an eligible billing organisation at our website at https://www.sc.com/sg/ways-to-bank/pay-any-card-merchant.html; or (ii) in respect of bill payments via GIRO, any payments made to an eligible billing organisation accepting GIRO instructions provided that such GIRO arrangements are approved by us.

    eligible insurance policy means a regular premium life insurance policy underwritten by Prudential Assurance Company Singapore (Pte) Ltd and distributed by us, and which (i) names you as the policy owner; and (ii) has a minimum annual premium of S$12,000.

    eligible unit trust means a unit trust made available through us and which comprises a minimum investment sum of S$30,000 (or its equivalent in another currency) in a single subscription, but does not include (i) exchange traded funds; (ii) investments via regular savings plans; and (iii) switching transactions.

    fresh funds means funds that do not originate from any existing account with us and can be in terms of deposits in current/cheque accounts or savings accounts (but not funds placed in time deposits) and/or investments offered by us; and are not withdrawn and re-deposited within the last 30 days.

    minimum card spend means the minimum amount of qualifying retail transactions.

    prevailing interest means any base interest you earn on deposit balances, subject to prevailing base interest rates as may be varied from time to time and determined by us.

    qualifying retail transactions means any and all retail transactions charged to a Bonus$aver card as reflected in your monthly statement of account, other than exclusions listed in clause 13.1.4.1 from time to time.

    valid and in good standing means, in relation to an account:

    • the account must not be dormant, suspended, cancelled, terminated or closed for any reason;
    • any of the account holder’s and cardholder’s accounts with us is not delinquent or unsatisfactorily conducted for any reason; and
    • the account holder and/or cardholder has/have not breached any term of our banking agreement.

Disclaimer:

This document is being distributed for general information only and it does not constitute an offer, recommendation or solicitation of an offer to enter into a transaction or adopt any hedging, trading or investment strategy, nor does it constitute any prediction of likely future movements in rates or prices or any representation that any such future movements will not exceed those shown in any illustration.

It has not been prepared for any particular person or class of persons and it has been prepared without regards to the specific investment objectives, financial situation or particular needs of any person. You should seek advice from a financial adviser on the suitability of the product for you, taking into account these factors before making a commitment to purchase the product. In the event that you choose not to seek advice from a licensed or an exempt financial adviser, you should carefully consider whether this product is suitable for you.

You are fully responsible for your investment decision, including whether the product or service described here is suitable for you. The products / services involved are not principal-protected and you may lose all or part of your original investment amount. SCB will not accept any responsibility or liability of any kind, with respect to the accuracy or completeness of the information in this document. This document is for general evaluation only and has not been prepared to be suitable for any particular person or class of persons.

SCB makes no representation or warranty of any kind, express, implied or statutory regarding this document or any information contained or referred to on the document. This document is distributed on the express understanding that, whilst the information in it is believed to be reliable, it has not been independently verified by us.

Insurance: Buying an insurance policy is a long-term commitment. An early termination of the policy usually involves high cost and the surrender value payable may be less than the total premiums paid. The contents of this document do not constitute a contract of insurance and reference should be made to the respective policies for the exact terms and conditions applicable to the insurance policy. All insurance products described in this document are products of and underwritten by Prudential Assurance Company Singapore (Pte) Ltd ("Insurer") and not Standard Chartered Bank (Singapore) Limited ("SCBSL"). SCBSL shall not be liable in any manner whatsoever regarding your application or the contract of insurance.

Unit Trusts: You should read the relevant prospectus before deciding whether to invest in a unit trust. Investments in unit trusts are not obligations of, deposits in, or guaranteed by, Standard Chartered Bank (Singapore) Limited or its affiliates. An investment in unit trusts is subject to investment risks, including the possible loss of the principal amount invested. The value of and the income from the unit trusts may fall as well as rise.

For clarity, the above are not deposits and do not qualify insured deposits under the Singapore Deposit Insurance and Policy Owners’ Protection Schemes Act 2011.

Deposit Insurance Scheme

Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$50,000 in aggregate per depositor per Scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.