This is one innovative product by Standard Chartered bank to capture deposits as well as minimum credit/debit card spendings by customers. This product has been launched for several months already.
Basically, for a minimum monthly spending of $500 on your Bonus$aver credit/debit card, you are entitled to earn a 1.88% p.a. interest on your deposits, up to a maximum deposit of $25,000. That's $470 a year, which translates to $39 per month. Not too bad considering the low interest rates out there. $500 is not too hard to hit if you charge everything to one card and I am quite sure that many of us out there spend more than $500 per month on our cards. This is currently one product that I am using to stretch my savings.
Stanchart is now having a promotion. If you sign up now, you will receive $100 credit card cashback for a deposit of any amount or a $200 credit card cashback for a minimum deposit of $50,000 and an American Tourister luggage bag if you are a new customer. This promotion ends on 31 January 2013. Please refer to the Standard Chartered Bank Bonus$aver Account link for more details.
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