No, you just need to apply for a Bonus$aver Account only.  Your application is only valid when you apply through “Apply Now” button above.
In addition to the S$50 MGM Sign-up cashback, you can also earn a sign up cashback under the Bonus$aver sign up promotion if you successfully open both a Bonus$aver account and Bonus$aver World Mastercard Credit Card, plus deposit and maintain S$50,000 in fresh funds in your new Bonus$aver account*
*Bonus$aver Sign up promotion Terms and Conditions applies