BOC SmartSaver is a savings plan for BOC Multi-Currency Savings (MCS) account holders to earn bonus interests on top of prevailing interests when you fulfill the required criteria. Introducing a smarter way to earn up to 3.55% p.a. with BOC SmartSaver.
With BOC SmartSaver, you can receive 2 types of interests every month.
1. Prevailing interests:
- You earn prevailing interest on your account's day-end ledger balance.
- Prevailing interest rate for MCS Account is based on tier basis. The more you deposit the higher interest rate you can earn.
- Prevailing interest is accrued daily and will be credited into your BOC MCS account at the end of each month.
|Prevailing Savings Interest Rate (SGD)|
|S$5,000 and above
|S$20,000 and above
|S$50,000 and above
2. Bonus interests:
On top of prevailing savings interests, you can earn bonus interests on the first S$60,000 of your account balance when you perform any or all of these:
- Earn 1.55% p.a. when you spend at least S$500 across your BOC Credit Cards and/or Debit Cards.
- Earn 1.00% p.a. when your company credits your salary of at least S$2,000 into your BOC MCS Account.
- Earn 0.60% p.a. when you transact 3 bill payments or 1 BOC Mortgage Repayment from your BOC MCS Account.
You need to maintain a minimum balance of S$1,500 in your MCS Account to be eligible for the bonus interest rates. Bonus interests are calculated based on your BOC MCS Account's Average Effective Balance for the month. For example, overdraft, earmarked balance, cheque float amount are not considered as effective balance.
You will receive the bonus interests within 15 business days of the following month.
You must be at least 18 years old and maintain a BOC MCS Account with Bank of China, Singapore Branch. For joint account, you must be the main account holder to be eligible for the bonus interests.
By opening a BOC MCS Account, you will have already registered for BOC SmartSaver. Hence no additional action is required to participate in this program.
What I need to know
Bonus interest rates are not applicable to the balance in the BOC MCS account that is earmarked for other promotions or other purposes.
All interest rates shown are based on annual rates and are applicable for SGD deposits. These rates are indicative and are subject to changes without prior notice. Other terms and conditions apply. For full terms and conditions, please click here.
1. What is BOC MCS Account?
BOC Multi-Currency Savings (MCS) account is a statement-based consolidated savings account covering both local currency and nine foreign currencies. This account requires a minimum deposit of S$1,500 and comes with BOC Great Wall International Debit Card, BOC UnionPay Dual Currency Debit Card and Internet Banking facilities.
2. Can I open more than one BOC MCS Account?
Each customer is only allowed to open ONE MCS Account. If you hold more than one MSC Account(s) of which you are the main account holder, only one of those Accounts will be eligible for the bonus interest rates in BOC SmartSaver.
3. How is bonus interest calculated? What is Average Effective Balance?
Bonus interest is calculated based on the Average Effective Balance with a maximum limit of S$60,000. Average Effective Balance is calculated on a monthly basis as the summation of each day-end available balance for a month divided by the number of calendar days in that month.
4. Is there a lock-in period for BOC SmartSaver?
There is no lock-in period for BOC SmartSaver. You are able to access your money with our BOC Debit Card or BOC Personal Internet Banking anytime.
5. What if I have existing funds which have been earmarked in BOC MCS?
Bonus interest rates in BOC SmartSaver are not applicable to existing funds that have been earmarked in the BOC MCS account for any other promotions or other purposes. Upon earmark expiry date and onwards, these existing funds will automatically be qualified. Before that, simply top up fresh funds, you can have the chance to enjoy all the bonus interest offered by SmartSaver.
6. If I open a BOC MCS Account in the middle of a month and meet the requirements for BOC SmartSaver, how will bonus interests be calculated for this first month?
Your bonus interests will be pro-rated based on the actual number of days you hold the BOC MCS account since the account opening month.
7. How do I qualify for the bonus interests for Card Spend?
You just need to spend a minimum amount of S$500 across your BOC Debit or Credit Cards issued by Bank of China, Singapore Branch. Eligible retail transactions with posting date within the calendar month will be considered. Overseas card spend in other currencies will be converted into SGD equivalent when calculating your total amount of cards spend.
You will need to be the Principal Cardholder of BOC Debit Cards or Credit Cards to be eligible. Retail transactions charged by a supplementary card will be aggregated and consolidated with the card spend of its principal card.
If your BOC MCS Account is a joint account, you will need to be the main account holder to be eligible. Other account holders’ card spending will not be considered as the requirement for Bonus Interests for Card Spend.
8. What about the existing rewards and rebates for my BOC Debit/Credit Cards?
On top of the bonus interests, you will also enjoy all existing privileges and benefits for the BOC Debit or Credit Cards. Should you not qualify for the bonus interests, you can still enjoy all the privileges and benefits for BOC Debit or Credit Cards.
9. What are transactions that do not qualify for Bonus Interests for Card Spend?
These transactions do not qualify for this bonus:
- Cash withdrawal
- Fees or charges
- Funds transfer or Cash advance
- Transactions on BOC Cards that are terminated or unsuccessful
- The unposted amounts under Installment Payment Plan (“IPP”) and Flexi-Balance transactions
- Any amount charged to your BOC Debit or Credit Cards that is subsequently cancelled, voided or reversed.
10. What are the BOC Cards that are excluded from BOC SmartSaver?
Your spending on the following BOC Cards do not qualify for the Bonus Interests for Card Spend:
- ATM cards
- Corporate cards
- Business cards
- Cards that are not issued by Bank of China, Singapore Branch.
11. How do I qualify for the Bonus Interests for Salary Credit?
You will need to credit a minimum salary amount of S$2,000 into your BOC MCS Account every month. You can meet this minimum salary requirement through a single credit or multiple credits each calendar month.
12. Does all Salary Credit qualify for the bonus interests?
Only direct salary credits via GIRO or BOC Salary Crediting Services will qualify for the bonus interest rate. Salary credit in other forms such as cash, cheque, cashier’s order, TT remittance and etc. will not be eligible.
13. How do I set up my BOC MCS Account as my salary credit account?
You just need to inform your HR department of your BOC MCS Account number as the salary crediting account. BOC SWIFT code is BKCHSGSGXXX.
14. What is the bonus interest rate for my RMB deposits in BOC MCS account? If I do not have RMB deposits in my MCS account, can I still enjoy salary credit bonus interests on my SGD deposits?
In addition to the SGD bonus interest rate under BOC SmartSaver, you can receive extra bonus interests on RMB deposit(at least RMB1,000) in your MCS account, if you meet the requirement Bonus Interests for Salary Credit. This extra bonus interests will be calculated based on BOC’s current 6-month RMB time deposit interest rate and there is no cap to this bonus interests you can earn.
If you do not have RMB deposits in your MCS account, you are still eligible for Bonus Interests for Salary Credit on your SGD deposits.
15. How do I qualify for Bonus Interests for Payment?
You will be eligible for Bonus Interests for Payment when you fulfill either one of the following requirements in a calendar month:
(a) Bill Payment: Successfully perform 3 bill payments from your BOC MCS Account via GIRO or BOC Personal Internet Banking using Bill Payment function or
(b) Mortgage Repayment: Should you have a mortgage with BOC and you successfully transact a loan repayment from your BOC MCS Account.
Payment or repayment in other forms such as cash, cheque, cashier’s order, AXS and etc. will not be eligible. Payments or repayment that is subsequently cancelled, reversed or made void will not qualify.
16. Is there any extra bonus interests if I fulfill the requirements of 3 bill payments and 1 mortgage repayment in a month?
You will only enjoy a one time calculation of bonus interests even if you meet the 2 requirements for this criteria to enjoy Bonus Interests for Payment.
17. What should I know about setting up GIRO payment?
Only payment/repayment transactions with the actual deduction dates within that calendar month will be eligible. Hence we recommend for you to buffer more time as the processing period for billing organizations to complete GIRO transactions may sometimes take longer than expected.
18. How will I know that the bonus interests are credited to my BOC MCS Account?
Your bonus interests will be reflected in your BOC MCS Account’s monthly statement as:
- SmartSaver Bonus Interest – Card Spend
- SmartSaver Bonus Interest – Payment
- SmartSaver Bonus Interest – Salary Credit
- SmartSaver Bonus Interest – Salary Credit (RMB)
You will receive the bonus interests within 15 business days of the following month. If your account is closed before the bonus interests crediting date, the bonus interests will be forfeited.
Deposit Insurance Scheme: Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$50,000 in aggregate per depositor per Scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured. Please visit www.sdic.org.sg for full details.