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
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.
