Bank of China SmartSaver Savings Plan

 

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Min. Deposit
$1,500

Interest Rate
up to 3.55%

Review on Bank of China SmartSaver Savings Plan

Pros
Realistically high interest rate
High 0.40% p.a. base interest
Extra 0.60% p.a. savings bonus interest for monthly balance above $60k

Cons
Must open a BOC Multi-Currency Savings account
Bonus interest rates subjected to credit salary, pay bills and BOC Credit Cards spend
High minimum spend of $1,500 on credit card for 1.60% p.a. bonus interest
High minimum spend of $6,000 salary credit for 1.20% p.a. bonus interest

 

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Details

Prevailing Interest
Below $5k 0.25% p.a.
$5k to <$20k 0.275% p.a.
$20k to <$50k 0.35% p.a.
$50k & above 0.40% p.a.

Bank of China SmartSaver Savings Plan is for Bank of China Multi-Currency Savings (MCS) account holders to earn bonus interests on top of prevailing interests when you fulfill the required criteria

The total interest rate includes prevailing and bonus interest

The prevailing interest is accrued daily and will be credited to your Bank of China Multi-Currency Savings Account (SGD) on monthly basis

 

Interest Computation

Interest
Prevailing Interest 0.40% p.a.
Credit Cards Spend 1.60% p.a.
Credit Salary 1.20% p.a.
Pay 3 Bills 0.35% p.a.
Total (Max. $60k) 3.55% p.a.

Earn 0.80% / 1.60% p.a. when you spend at least $500 / $1,500 across your Bank of China Credit Cards and/or Debit Cards

Earn 0.80% / 1.20% p.a. when your company credits your salary of at least $2,000 / $6,000 into your Bank of China Multi-Currency Savings Account

Earn 0.35% p.a. when you transact 3 bill payments (min. $30 each) via GIRO, BOC Online Banking or BOC Mobile Banking bill payment function from your Bank of China Multi-Currency Savings Account

Enjoy up to 3.55% p.a. with Bank of China SmartSaver Savings Plan on the first $60,000 of your account balance

Earn 0.60% p.a. extra savings bonus interest on your account balance above $60,000 up to $1,000,000 when you meet at least one of the first three bonus interest requirements (Card Spend, SalaryCrediting or Payment)

A minimum balance of $1,500 in your Bank of China Multi-Currency Savings Account is required to be eligible for the bonus interest rates

Bonus interests are calculated based on your Bank of China Multi-Currency Savings Account's Average Effective Balance for the month

 

Click here to go to Bank of China website for more details

 

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