This new account is much similar to the current OCBC360 account in nearly all aspects while catering to their more wealthy clients. This post will attempt to compare the new Bonus$aver to the OCBC360 as it is currently the best product in the market (in my opinion).
First, there is a card spend portion which can earn you up to 1.88% if you spend more than $2,000 and only 0.88% if you spend above $500. I believe many of us definitely fall in the category of the 0.88% and won’t get to hit the 1.88% category. Even so, OCBC only offers 0.5% if you spend $500 on their credit card. So this portion is definitely in favor of Standard Chartered.
Second, the salary credit bonus is also available and gives you 1% only if your net income is more than $3,000. OCBC only requires $2,000 and gives 1.2% for this portion. Without much debate, OCBC fare well in this aspect.
Third, the investment portion… many of us should know this never applies to us… but for comparison sake, OCBC offers 1% while Standard Chartered offers 0.75%. OCBC leads 2 to 1.
Fourth, the bill payment component of Bonus$aver requires 3 bills with minimum of $50 each and offers 0.25% for the effort. OCBC only requires 3 bills and offers 0.5%. This round goes to OCBC as well.
Fifth, OCBC has an additional 1% on incremental balance which Bonus$aver does not have.
Overall, OCBC wins hands down and remains without a competition in my books. That is until they change the rules again… The only thing we have to take note is that the interest is only applicable to the first $60,000 for OCBC360 and the first $100,000 in Standard Chartered Bonus$aver. So if you have less than $60,000,you might want to give Bonus$aver a miss.
Disclaimer: This is not a recommendation to buy or sell any mentioned stocks or securities in this blog.