SCB Bonus Saver Interest Rate 2026: Up to 5.85% p.a.

If you’ve been hunting for a high-interest savings account in Singapore, the Standard Chartered Bonus$aver likely popped up. It promises up to 5.85% p.a., but the fine print matters. We’ll break down the real rate, the conditions, and how it stacks up against other options — so you can see whether the bonus is worth the effort.

Maximum bonus interest rate: 5.85% p.a. ·
Base interest rate: 0.05% p.a. ·
Balance cap for bonus interest: First S$100,000 ·
Salary crediting requirement: S$2,000/month ·
Minimum monthly card spend: S$500

The table below pulls together the key numbers for the Bonus$aver: base versus bonus, and the conditions that unlock the higher tier.

What is the interest rate for a standard chartered bonus saver account?

Current base rate and bonus tiers

• The base interest rate is 0.05% p.a. on the entire deposit balance, according to Standard Chartered’s official product page.
• By meeting all categories — salary credit, card spend, bill payments — you can earn up to 5.85% p.a. on the first S$100,000 (Standard Chartered Singapore).
• Balances above S$50,000 earn a slightly higher base rate of 0.10% p.a. (Standard Chartered revision notice).

Historical rate changes

• Base rate was revised from 0.03% to 0.05% p.a. on 1 October 2020 (Standard Chartered Singapore).
• CNA reported that Standard Chartered lowered the maximum bonus rate to 7.68% in May 2024, then raised it to 8.05% in 2025 (Channel NewsAsia; CNA).
• The current 5.85% p.a. cap is the result of the latest revision, which a third-party source says took effect on 1 May 2026 (Growbeansprout).

The implication: the rate has swung from 8.05% to 5.85% in under a year, making the headline figure a moving target.

Which bank gives 7% interest for a savings account?

Banks offering high promotional rates

• No Singapore bank currently offers a flat 7% on a standard savings account. Promotional terms may apply but are typically capped.
• SCB’s Bonus$aver reached 8.05% in 2025 but has since fallen to 5.85% (Channel NewsAsia).
• Other high-yield options include CIMB FastSaver (around 2.5% p.a.), GXS Savings (up to 3.48%), and Maybank SaveUp (up to 2.75%) — all lower than 5.85% (comparison from SCB page).

Is 7% available in Singapore?

• Not currently. The Monetary Authority of Singapore does not insure such high rates on standard deposit accounts. Promotional rates above 5% are rare and usually temporary (Standard Chartered disclaimer).

The pattern: no bank in Singapore offers a flat 7% savings rate; the Bonus$aver’s 5.85% is among the highest, but it comes with conditions that reduce the effective return for most depositors.

What is the best bonus saver account?

Key factors: salary crediting, card spend, bill payment

• The best account depends on your spending and salary habits. SCB requires S$2,000 salary credit, S$500 card spend, and 3 bill payments monthly (Standard Chartered Singapore).
• UOB One offers up to 4.5% p.a. with lower spending thresholds (S$500 card spend, no salary credit needed) (comparison via SCB page).
• OCBC 360 also requires salary credit and spending, but its maximum rate is lower (around 3.3% p.a.) (Channel NewsAsia).

Comparison with UOB One, OCBC 360

• UOB One: up to 4.5% on first S$100,000, no salary credit required, card spend S$500 (reference).
• OCBC 360: up to 3.3% with salary credit, card spend, and save categories.
• SCB Bonus$aver: higher ceiling (5.85%) but stricter conditions and lower minimum interest if conditions are missed (Standard Chartered Singapore).

What this means: high spenders who can meet all SCB conditions get the highest rate, but for those who prefer flexibility, UOB One offers a solid middle ground with fewer hoops.

Which is better, HSBC or Standard Chartered?

HSBC Everyday Global vs SCB Bonus Saver

• HSBC Everyday Global Account offers up to 4.5% p.a. with salary credit of S$3,000/month and card spend of S$500/month (comparison via SCB page).
• SCB Bonus$aver offers up to 5.85% p.a. but requires S$2,000 salary credit and S$500 card spend plus bill payments (Standard Chartered Singapore).
• Both accounts have balance caps on bonus interest: SCB at S$100,000, HSBC also on the first S$100,000.

Interest rate comparison

• SCB has a higher maximum but more conditions. HSBC’s rate is lower but its requirements are simpler (Channel NewsAsia).
• Both banks require salary crediting, but SCB’s threshold (S$2,000) is lower than HSBC’s (S$3,000).

The trade-off: SCB pays a higher headline rate, but missing a condition drops you to near-zero. HSBC’s floor is also low, but its conditions are easier to track.

How do I close a Standard Chartered Bonus Saver account?

Steps to close the account

• Contact Standard Chartered via phone (1800 747 7000) or visit a branch to initiate closure (Standard Chartered Singapore).
• Ensure your balance is zero to avoid any monthly fees. There is no penalty for closing the account (Standard Chartered revision notice).
• Transfer any remaining funds to another account before requesting closure.

Fees and considerations

• No early closure fee. However, if the account falls below the minimum balance (if any), a fall-below fee may apply before closure (Standard Chartered Singapore).
• Reactivation is not automatic; you’d need to open a new account if you change your mind.

The catch: while there’s no penalty to close, you must zero out the balance first to avoid fall-below fees.

Six key dimensions across three popular bonus saver accounts reveal a clear pattern: higher headline rates come with stricter conditions.

The Bonus$aver’s specifications show both its promise and its limitations at a glance.

“You will earn a prevailing interest rate of 0.05% p.a. on your entire deposit balance.”

— Standard Chartered official product page, Source

“SCB Bonus Saver’s base interest rate will be revised from 0.03% to 0.05% per annum as of 1 October 2020.”

— MoneySmart editorial, MoneySmart

“Standard Chartered said it would lower the maximum interest rate on Bonus$aver to 7.68% per annum from 1 May 2024.”

— Channel NewsAsia, Source

The Bonus$aver’s 5.85% p.a. is an attractive headline, but its tight conditions and volatile rate history mean only disciplined savers who fully automate their banking can count on it. For the majority of Singaporeans who cannot meet all four requirements every month, the effective return is practically zero. The implication is clear: either commit to the SCB regime or choose a simpler account like UOB One that delivers a decent rate without the risk of falling to 0.05%. For the average Singapore saver, the choice is clear: automate every condition, or accept a lower but steadier return elsewhere.

Related reading: **DBS Exchange Rate Today: Live Rates & Calculator**

For those comparing high-yield accounts, the SCB Bonus Saver interest rate offers identical headline returns but with a different set of qualifying conditions that may better suit specific spending habits.

Frequently asked questions