Standard Chartered Bank to lower maximum interest rate on savings account to 7.68% from May 1

SINGAPORE: Standard Chartered Bank will be lowering the maximum interest rate on its Bonus$aver account to 7.68 per cent per annum from May 1, based on a check of its website on Tuesday (Apr 2).

This is down slightly from 7.88 per cent – the highest offered by the savings account – when the bank last hiked its interest rates in January last year.

Like the high-yield savings accounts offered by other banks, account holders of Standard Chartered’s Bonus$aver need to fulfil several criteria to earn the bonus interest rates.

These include crediting a salary of at least S$3,000 (US$2,217), spending on a card linked to the account and conducting other transactions with the bank, such as investments and bill payments. The bonus interest rates are offered on the first S$100,000 of savings.

With the latest revision, Standard Chartered’s account holders will earn an interest rate of up to 0.6 per cent a year when they spend at least S$500 monthly with their Bonus$aver credit and debit cards, down from the current 1.25 per cent.

The rate for customers who spend at least S$2,000 monthly will also be cut to 1.4 per cent from 2 per cent.

The bonus interest rate for the crediting of salaries is set to be lowered to 2 per cent a year, compared with the current 2.5 per cent.

Account holders also earn bonus interest when they make three eligible bill payments of at least S$50 each in a month via the bank’s online banking platform or Giro. However, this will be reduced to 0.23 per cent from 0.33 per cent.

That said, Standard Chartered is raising the bonus interest for the investment and insurance categories to 2 per cent per annum, compared with the current 1.5 per cent. 

In the same announcement, the bank said it is also revising certain interest rates offered by its Wealth $aver Account, which is exclusively for its priority banking and priority private clients who deposit a minimum of S$200,000, as well as its USD$aver Account.