Weekly Sprout Newsletter 🌱

Gain financial insights in minutes.

The newsletter that keeps you up-to-date on the financial markets. It’s fun, informative, and free!

Personal Finance


The best Singapore deposit account is paying up to 4.88% p.a.! Is Stanchart Bonus Saver better than UOB One?

04 Oct 2022

Standard Chartered (Stanchart) has recently increased the interest rates paid on their Bonus Saver (Bonus$aver) account to 4.88% per annum!

Stanchart Bonus Saver account review


  • Standard Chartered (Stanchart) has recently increased the interest rates paid on their Bonus Saver (Bonus$aver) account to 4.88% per annum. 
  • While the realistic interest rate is 1.88%, it is worthwhile to be putting money into the Stanchart Bonus Saver (Bonus$aver) account if you have less than $75,000.
  • The UOB One account is the better option if you have more than $75,000

Standard Chartered (Stanchart) has recently joined the ranks of other banks and increased their interest rate on the Bonus Saver (Bonus$aver) deposit account. 

The new maximum interest rate? An amazing 4.88%.

But the bigger question is, how much effort does it take? Is 4.88% the realistic number to look at?

Once again, let me use simple math and show you how much interest you can get. 

Stanchart Bonus Saver (Bonus$aver) account review

Similar to other local Banks, this deposit account requires you to fulfil certain requirements before you can earn the full 4.88%. 

The requirements include the difficult (or dreaded) categories – Invest and Insure.

If you noticed, the estimated monthly card spending is also on the higher end.

To give you a better summary, I went to read the fine print in details.

Let me share what I like and dislike about this deposit account in the next section.

Source: Standard Chartered

What I like about Stanchart Bonus Saver (Bonus$aver) account

Let’s start on a positive note.

First, this deposit account does not follow a tiered system where you earn higher interest rates based on the amount you have in the bank.

It does not matter whether you have $50k or $100k as you will be earning a uniform interest rate on your deposits.

Does it matter? Yes!!! 

Let me show you why it matters later.

Secondly, this deposit account comes with a multi-currency feature.

This feature is important, especially in today’s environment. 

Just a few days ago, the Japanese Yen and Pound fell to a historic low against Singapore Dollars.

Read the article here if you like to find out ways to benefit from this situation.

Yay to a one-stop solution!

What I dislike about Stanchart Bonus Saver (Bonus$aver) account

Two things.

One, it is difficult to hit the $2,000 minimum spending per month.

Did I also mention it? It is $2,000 worth of eligible transactions.

Your online bill payments, income tax payments, EZ-link transactions, top-ups and AXS payments are excluded.

Hence, I think that the $500-$1,999  is a more realistic tier to look at. 

Two, if you have been following my previous articles, you will know that I am not a fan of the Insure and Invest category. 

It is not sustainable to be earning the interest rate. 

For the interested parties, the criteria for Insure and Invest are below. 

Take note that the bonus interest will be paid for a consecutive 12 months and you will need to purchase new ones thereafter.

Source: Standard Chartered


So… what is the realistic interest rate we are looking at for the Stanchart Bonus Saver (Bonus$aver) account?

If you are able to  

  • Spend around $500-$1000 on credit card
  • Credit more than $3000 monthly salary
  • Make at least 3 bill payments online (electricity, phone and credit card bills)

The realistic interest rate would be 1.88% p.a. instead of the 4.88%.

Source: Standard Chartered

Comparing the Stanchart Bonus Saver (Bonus$aver) account with UOB One account

As I said, the advantage of the Stanchart Bonus Saver (Bonus$aver) account is the absence of a tiered system.

Unsurprisingly, the Stanchart Bonus Saver account offers a better interest rate at lower amounts. 

But UOB One account still takes the cake if you have more than $75,000.

Cash available for depositMaximum interest rate to be earned (including base interest rate of 0.05%)Winner
Less than $50,000

UOB 1.44%

Stanchart 1.88%



More than $50,000

Less than $75,000

UOB 1.66%

Stanchart 1.88%



More than $75,000

Less than $100,000

UOB 2.15%

Stanchart 1.88%


Final words in our Stanchart Bonus Saver (Bonus$aver) account review

The Stanchart Bonus$aver account has a higher bar compared to the local banks. 

You will need to credit at least $3,000 worth of salary.

Perhaps this may not be a friendly option for fresh graduates.

For the others, this may be a better option for a deposit account.

Well, if you are a bigger spender e.g. more than $2,000 a month consistently, then this account is definitely meant for you. 

The moral of the story? The best Singapore deposit account differs for each individual.

We will be your best buddy in uncovering the devil in the details!

What do you think? Share your thoughts with me in the Telegram community.

What would Beansprout do?

If you are looking for the best deposit account for deposits of above $75,000, do check out the UOB One account

Read also