Standard Chartered’s XtraSaver Account is an interest bearing current account. They offer generous CashBack on the amount spent on this current account.
It comes with a MasterCard debit card which is also an ATM card that enables you to make NETS and MasterCard payments as well as withdrawing cash from its ATM machines.
The debit card is linked to its own chequing account which also gives 0.05% p.a. interest, this is good as not much chequing accounts offer interest.
If you need a high-interest savings account, consider SCB eSaver.
There is no minimum deposit amount required to open XtraSaver but you need to maintain a minimum average daily balance of S$3000 in the account.
Charges that affects you:
- Fall-below fee: S$5 (if S$3000 minimum average daily balance is not met)
- Monthly service charge: S$2
- Debit card annual fee: S$20
CashBack is only given when your average daily balance is S$6000 and above.
Monthly CashBack cap:
- MasterCard transactions at petrol stations: S$40
- Combined transactions per month: S$200
Use this Xtrasaver calculator for calculating the potential cashback.