Stanchart Bonus Saver Account Review - Good for higher spenders?

By Beansprout • 30 Mar 2023 • 0 min read

Standard Chartered (Stanchart) increased the interest rate paid on their Bonus Saver (Bonus$aver) account to up to 7.88% per annum.

Stanchart Bonus Saver Account Review

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What happened?

The Standard Chartered (Stanchart) Bonus Saver (Bonus$aver) account offers an interest rate of up to 7.88% p.a. 

But the bigger question is, how much effort does it take? Is 7.88% the realistic number to look at? 

Once again, let me use simple math and show you how much interest you can get with the Stanchart Bonus Saver account

Stanchart Bonus Saver (Bonus$aver) account review

Similar to other local banks, this deposit account requires you to fulfill certain requirements before you can earn an interest rate of up to 7.88% p.a.

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 detail.

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

Stanchart Bonus Saver Jan 2023
Source: Stanchart

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

Let’s start on a positive note.

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.

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

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.

Stanchart Bonus Saver criteria
Source: Stanchart


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-$1,999 on credit card
  • Credit more than $3,000 monthly salary
  • Make at least 3 bill payments online (electricity, phone and credit card bills)

The realistic interest rate would be 4.13% p.a. instead of the 7.88%.

Stanchart Bonus Saver interest rate.png
Source: Stanchart

If you are able to meet the minimum monthly card spending of $2,000, then your effective interest rate on the Stanchart Bonus Saver account goes up to 4.88% p.a.

Stanchart Bonus Saver spending
Source: Stanchart

Is the Stanchart Bonus Saver (Bonus$aver) account better than the 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 compared to the UOB One account at lower deposit amounts. 

But the UOB One account still offers a higher effective interest rate compared to the Stanchart Bonus Saver for deposits of more than $75,000.

Cash available for deposit


Maximum interest rate to be earned 




Less than $50,000

UOB One 3.87%

Stanchart Bonus Saver 4.13%


Stanchart Bonus Saver

More than $50,000

Less than $75,000

UOB One 4.07%

Stanchart Bonus Saver 4.13%


Stanchart Bonus Saver

More than $75,000

Less than $100,000

UOB One 5.00%

Stanchart Bonus Saver 4.13%


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.

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This article was first published on 04 October 2022 , and was updated on 30 March 2023.

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