POSB Cashback Bonus vs Standard Chartered Bonus Saver and others

Jes 4 Comments

Every bank now wants a piece of the action. Thanks to the success of OCBC 360, DBS and Standard Chartered bank are coming up with the bonus interest plans now. However, timing is everything. It will take much more to get consumers to switch away.

Anyway, let's evaluate:

POSB Cashback Bonus

POSB Cashback account is a very different account compared to the rest. Instead of computing the interest rates based on the bank balance that you have, it is based on the individual category. For example, Max Salary Credit interest = $20 cap per month/ 0.3% = $6667 salary that can earn additional interests. To qualify for the additional interests, you will just need to fulfill at least 3 out of the 5 categories above. One of the benefits about this is there is no minimum spending on the credit card unlike the other banks.

This account is also great for home owners with POSB/DBS loan as they generate 3% interest. It is even better for people who intend to have an insurance with them or investment plan like POSB invest saver. Take note that they only generate interests for the first year and you have to open the Cashback bonus account before you sign up for the insurance or investment plan.

Standard Chartered Bonus Saver

For Stan Chart, you can see from the higher minimum salary and maximum balance that they are targeting people with higher income and higher spending power. Thus, this is not for the majority of us.

For clarifications on OCBC 360, BOC Smartsaver and UOB One accounts, please read my previous posts. The different banks and computation made it very confusing with the varying categories and numbers. Thus, I have compiled a table to compare the different interests.

*BOC Smart saver interest is before the changes that will take place on 1st Dec 2016. Updated in next post.
The highlighted boxes have the highest interest for each category. For the majority of the people, we will only have 1 main account and unable to fulfill the insurance and investment part. Thus, the highest interest is still with BOC Smartsaver at 3.55% as per the table below.

For higher spending power of more than $2000 per month and people with a lot of cash, Stan Chart Bonus Saver will be a good choice. For home owners with POSB loans, you should definitely consider POSB Cashback Bonus. All in all, I think they cater to different market segments and you should pick according to the category that you can fulfill.

For me, I am still sticking with OCBC 360 as my company cannot accept BOC account. I am still not inclined to switch to UOB One account as my spending is erratic and not always able to hit $500.

How about you? Are you taking any actions to gain more interests?


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  1. Good effort and nice update !

    1. Hi Simeon,

      Thank you for the compliment! Hope it helps :)

  2. BOC just revised their T&C. The benefits is now reduced. Don't think your table include these changes?

    1. Hi Yew Khim,

      I wanted to update it next week on a new post so that people can have the full picture. However, I realised that some may be misled by the soon-to-be-changed interest rate so I put a disclaimer under the table. Thank you so much for reminding me of it!