Wednesday, 8 June 2016

Changes in SCB Bonus$aver Account

Today I came back from work and saw a letter addressed to me on my table. First impression was that it was from Standard Chartered because of the envelop it was sent in. I read the content and had to re-read the content a second time just to ensure my eyes were not playing a trick on me. The content of the letter is as below:


After such a “flexible” change in rates, you can expect me to terminate my account after June and move my funds into another bank with better rates such as the OCBC 360 of which I've been getting 1.75% easily. Thanks SCB for the 1.88% for the last few years.

Investing Wolf 

Disclaimer: This is not a recommendation to buy or sell any mentioned stocks or securities in this blog. 


7 comments:

  1. Wah, I got fed up with them when they insisted on charging an annual fee for the bonus saver debit card and cancelled my account earlier this year. They refunded me the fee and pleaded with me to not close the account. I still did so and parked the $25k in a 1 year FD at 1.9%. SCB seems to be doing its best to get out of retail banking

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    1. yea... most of the time we have to threaten to close the account before they agree to waive the card charges...

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  2. My wife also terminated her Bonus saver and we now use OCBC 360 for salary interest bonus and UOB One for credit purchase bonus.

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    1. The max interest that you can earn has also increased in this account. SCB is focusing on wealthy customers. Priority customers are exempted from many of the new fees imposed on their bank accounts.

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    2. The max interest did not change. The max amount for the account increased. Previously it was 1.88% for 25k, now it is still 1.88% but up to 100k.

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  3. Try smart saver account for better rates than both the 360 and bonus saver account now. best savings account also has a list of savings accounts with requirements that has the highest interest rates

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    1. With the rate revision effect due on 1 Dec for BOC Smart Saver, OCBC 360 remains the highest interest rates with their simple and easily achievable criteria.

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