Saturday, February 18, 2012

Bonus$aver Account - Standard Chartered Bank

Introducing Bonus$aver – the only current account that offers an amazing 1.88% p.a. from your first dollar up to a balance of S$25,000, with no monthly fee and no lock-in period

Stanchart launches new current account product
Wednesday, Feb 15, 2012
The Business Times

(Attribution: Photo taken by Investor Lightyear)

I applaud Standard Chartered Bank's constant product innovation for their retail banking business. Their latest Bonus$aver current account, together with its accompanying Bonus$aver credit and/or debit card(s), further boosts both their Deposits and Cards product suite.

So how does the new account work?
  • 1.88% p.a. interest is awarded for the first S$25,000 with a monthly minimum S$500 retail spend on the card(s) linked to the account.
  • The 1.88% p.a. interest comprises (1) prevailing interest and (2) bonus interest rates applied on the average daily balance.
  • Prevailing interest rates are 0.10% p.a. for deposits <S$200,000 and 0.20% p.a. for deposits S$200,000.
  • Prevailing interest rates are daily computed and credited monthly.
  • Bonus interest is computed at calendar month end and credited on the 1st working day of the following calendar month.
  • Any average daily balance in excess of the S$25,000 cap will only earn interest based on the prevailing interest rates.
  • The linked card(s) do not earn any 360° Reward Points and CashBack.

As part of the product launch special, Stanchart will credit S$100 CashBack to the linked credit card when customers open the account with a S$50,000 deposit.

For full promotion and product details, please check out Stanchart's website.

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