Changes to all SCB account effective 1st July 2020

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With the Fed maintaining low interest. It’s expected that banks will be adjusting their interest rates for Current and Savings Account.


What accounts are affected

Singapore Dollar Accounts

Singapore Dollar Accounts

Foreign Currency Accounts

Foreign Currency Accounts


The Changes

Bonus$aver Account

  CARD SPEND

 

(INCLUSIVE OF PREVAILING INTEREST RATE)

SALARY CREDIT BILL PAYMENT INVEST INSURE TOTAL INTEREST PAID ON YOUR ELIGIBLE DEPOSIT BALANCE KEY CHANGES
Prevailing

 

Bonus Interest Rate on your first S$100,000 eligible deposit balance

Up to 1.50% p.a.

 

(minimum spend of S$2,000 monthly)

Up to 0.50% p.a. (minimum spend of S$500 monthly)

 

 

1.00% p.a.

 

 

0.10% p.a.

 

 

1.28% p.a.

 

 

3.88% p.a.

Bonus Interest Rate Reduce by $20,000

0.70% and 0.20% p.a reduction on your card spend

0.60% p.a reduction on Salary Credit

0.43% p.a reduction on Invest and Insure

0.88% p.a reduction on Total Interest

New

 

Bonus Interest Rate on your first S$80,000 eligible deposit balance

(With effect from 1 July 2020)

Up to 0.80% p.a.

 

(minimum spend of S$2,000 monthly)

Up to 0.30% p.a. (minimum spend of S$500 monthly)

 

 

0.40% p.a.

 

 

0.10% p.a.

 

 

0.85% p.a.

 

 

0.85% p.a.

 

 

3.00% p.a.


Current and Savings Accounts

Singapore Dollar Accounts

PRODUCT BALANCE PREVAILING INTEREST RATE (P.A.) NEW INTEREST RATE (P.A.)
EFFECTIVE 1 JULY 2020 (INCLUSIVE)
CHANGES
Jumpstart First $20,000 2.00% 1.00% 1.00% reduction for the first $20,000
Incremental bal above $20,000 0.10% 0.10%
Cheque and Save / Credit Manhattan / OneAccount First $250,000 0.05%

0.05%

All accounts flat interest rate of 0.05% regardless of balance

Any balance above $250,000 0.10%
Preferred Current First $6,000 0.05%
Any balance above $6,000 0.10%
SuperSalary All balances 0.10%
Supersave / Trust Supersave First $50,000 0.10%
Any balance above $50,000 0.15%
NUS Alumni

All balances

0.15%
Dash Easy 0.50%
Junior Savings 0.25%


Foreign Currency Accounts

PRODUCT CURRENCY BALANCE PREVAILING INTEREST RATE (P.A.) NEW INTEREST RATE (P.A.)
EFFECTIVE 1 JULY 2020 (INCLUSIVE)

CHANGES

USD$aver USD First $50,000 0.05% 0.05% 0.50% to 0.70% reduction
Next $150,000 0.75% 0.25%
Next $300,000 1.00% 0.50%
Any balance above $500,000 1.50% 0.80%
Securities Settlement Account / Wealth Lending Settlement Account EUR First $49,999 0.00% 0.00% NO Interest to be giving for your settlement account
Any balance above $49,999 0.05%
GBP First $28,499 0.00%
Any balance above $28,499 0.05%
HKD First $389,999 As per Market Rate
Any balance above $389,999 As per Market Rate
NZD First $119,999 0.25%
Any balance above $119,999 0.50%
AUD First $65,999 0.50%
Any balance above $65,999 1.00%
Cheque and Save GBP First $28,499 0.00% 0.00% NO Interest regardless of the balance amount
Any balance above $28,499 0.05%
HKD First $389,999 As per Market Rate 0.00%
Any balance above $389,999 As per Market Rate
NZD First $119,999 0.25% 0.05% Flat 0.05% interest regardless of balance
Any balance above $119,999 0.50%
AUD First $999,999 0.50% 0.05%

0.45% reduction for first $999,999

Any balance above $999,999 0.50% 0.50%
FCY$aver / Statement Savings GBP All Balances 0.10% 0.00% NO Interest
NZD All Balances 1.00% 0.05% 0.95% reduction
AUD First $999,999 0.50% 0.05% 0.45% reduction for first $999,999
Any balance above $999,999 0.50% 0.50%
CNH First $24,999 0.30% 0.50% Flat 0.50% regardless of the balance
Next $975,000 1.40%
Any balance above $999,999 1.70%
Bonus$aver – Multi-Currency GBP All Balances 0.10% 0.00% NO Interest
NZD All Balances 1.00% 0.05% 0.95% reduction
AUD First $999,999 0.50% 0.05% 0.45% reduction for first $999,999
Any balance above $999,999 0.50% 0.50%

Summary

The big drop in salary interest and lessen of $20,000 for eligible interest. It’s time to look into other high-interest saving accounts. I will be depositing $10,000 into Singlife for their non-guaranteed 2.5% interest without any question asked.  

Author: The Financial Guy

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